Circle Looking to Raise $40 Million

Circle Internet Financial is "in the midst of raising around $40 million", according to Fortune, citing sources familiar with the matter. The funding would one of the largest rounds ever in the crypto industry and imply a $200 valuation for the company.

CEO Jeremy Allaire is reportedly in talks with venture capital as well as Wall Street firms.

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The company has raised $26 million to date in two separate rounds, becoming one of the best funded ventures in the industry.

Even if the funding is secured, the next question becomes how many venture dollars are left in what is becoming an increasingly crowded wallet space. Companies including Coinbase, BitPay and Xapo have already secured very large amounts of funding, and already offer roughly similar services.

For Circle in particular, it remains to be seen when the investments will start paying dividends. The company took a relatively long time to unveil what it precisely has to offer and only recently launched its services. The company has not published figures on its user count. It is also unclear, at this point, how it plans on monetizing its services, currently offered at no charge.