Startup City Magazine

Goldman Sachs Invests $50 million in Bitcoin start-up Circle

Bangalore: American multinational investment banking firm Goldman Sachs Group Inch has recently announced to make a $50 million funding for a bitcoin focused start-up called Circle Internet Financial Inc.

Incepted in 2013 by Brightcove Inc. founder Jeremy Allaire and Sean Neville, Circle aims to allow consumers to digitally store money in the form of bitcoins. This particular mode of currency can be transferred to merchants and individuals with whom transaction is to be made. Circle will handle immediatetransformation from dollars to bitcoins and vice-versa.

Tom Jessop, Managing Director at Goldman Sachs’ Principal Strategic Investments Group, said that the bank knows the need to invest in companies that have the promise to renovate global markets through technical revolution.

Circle has also announced the launch of new account features that allows customers to hold, send and receive US dollars.

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