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"When I look at the convergence between traditional finance and cryptographic space, I plead with it," Allaire said in a room full of journalists. "There are a number of banks that are enthusiastic and will support it".
Once the US dollars were transferred to Circle's USD Coins, Allaire said they can be moved in seconds thanks to blockchain technology. He said that they will eventually add euros and sterling tokens but are less likely to immediately try to fix most of the Asian currencies because of the existing competition in that arena.
The currency framework is what is called "open source" in the sense that more developers can work on the project and help its development. The USD Coin project was developed by an organization called CENTER, which will provide independent oversight of the Circle offering.
Bitmain, better known as a "mining" encrypted company, is conducting a $ 110 million strategic investment in Circle, which the company estimates is close to $ 3 billion. The financing round also includes existing investors such as Breyer Capital, Tusk Ventures, IDG Capital, Pantera and Blockchain Capital.
Bitcoin mining requires the use of special software to solve math problems in exchange for a number of bitcoins. Bitmain dominates the mining industry and probably did everything the chip maker Nvidia last year. Bernstein analysts estimate that Bitmain has realized operating income of $ 3 billion to $ 4 billion in 2017.
The USD currency is managed on a blockchain known as ethereum, but Allaire has declared that it has an open mind on other platforms, if it sells on the market that can outperform.
"Ethereum is the best bet, but it's not necessarily the final game," he said. "For now it's specifically on Ethereum."
Circle is one of the leaders in the bitcoin markets over the counter and acquires Poloniex in February.
