Circle, which is valued at almost €3 bilion following the latest round, also announced a new virtual currency or so-called "stablecoin", known as Circle USDC, which is to run on ethereum, will be pegged to the US dollar.
A digital-currency startup backed by Goldman Sachs Group Inc.is now worth about $3 billion after a new fundraising round.
Circle announced this new partnership on its Twitter handle.
Bitmain is one of the most important and forward-thinking companies in crypto and has become a critical infrastructure provider for the entire crypto economy.
According to Circle, Bitman will also be joining CENTRE's efforts to implement numerous fiat-backed stablecoins that aim to provide financial interoperability around the world. We are excited to be working directly with Bitmain on realizing our shared vision. Specifically, Bitmain will help CENTRE introduce multiple fiat stablecoins in a variety of geo-currency zones.
After Circle acquired popular cryptocurrency exchange Poloniex earlier this year, the company has been seen making some developmental changes with respect to the services on the platform.
In an announcement today, the fintech startup revealed that a new digital currency would be pegged to the US dollar, known as Circle USDC (USD Coin).
This way users would be able to freeze their money without worrying about changes in the valuations of the U.S Dollar due to global economic fluctuations. Additionally, the stablecoin will facilitate easy crypto-to-crypto trading rather than opting for fiat-to-crypto conversions and paying high commission fees.
Poloniex used to list USDT as a stablecoin in the past, but the development of its own crypto seems to be an appropriate decision after the scandals that put into question the feasibility of USDT as a genuinely dollar-backed token.
Company co-founder Jeremy Allaire described Circle USDC as essentially "a dollar that operates on blockchain".
The company in a statement said: "Existing fiat-backed approaches have lacked financial and operational transparency, have operated in unregulated jurisdictions with unknown banking and audit partners, and have been built as closed-loop ecosystems and closed proprietary technologies". USDC will be an ERC-20 token, based on the Ethereum network.