Circle Raises $9 Million To Make Sure No One Steals Your Bitcoins


Circle Internet Financial has raised a $9 million Series A funding round with participation from Jim Breyer, Accel Partners and General Catalyst Partners, according to TechCrunch.

Circle is yet another bet on virtual currency, a sort of PayPal for Bitcoins. CEO Jeremy Allaire previously founded online video platform Brightcove, which is currently trading at a solid $15.04 on NASDAQ.

The murky realm of Bitcoins has been infiltrated by many legitimate investors these past several months, including Peter Thiel and the Winklevoss Twins, and Circle’s aim to create a more secure platform for Bitcoin transactions certainly fills a need. As of now, the raids on Bitcoin exchange Mt. Gox, and the currency’s association with unseemly online transactions on Silk Road present huge obstacles to mainstream acceptance.

According to Bitcoin research site The Genesis Block, however, many Bitcoin investors may be surprisingly traditional in their market reactions. After the Federal Reserve indicated they would not be tapering their asset purchases this past week, Bitcoin prices daggered from $214 to around $208. This corresponds to Bitcoin’s general inverse relationship with U.S. dollar strength — and shows that Bitcoin is no longer the realm of unhinged conspiracy theorists with little financial purview.