Circle raises $222 million from BlackRock and Wall Street giants for Arc blockchain

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The launch of Arc comes as crypto firms increasingly seek sustainable business models beyond trading-related revenue.

Circle Internet Group, the publicly listed issuer of the USDC stablecoin, pulled in $222 million through a presale of the native token for its new Arc blockchain, giving the network a fully diluted valuation of $3 billion, CNBC reported Monday.

Andreessen Horowitz led the round with a $75 million commitment. Other participants include BlackRock, Apollo Funds, Intercontinental Exchange, the owner of the New York Stock Exchange, Standard Chartered Ventures, Janus Henderson, ARK Invest, and about half a dozen more.

Circle raises $222 million from BlackRock and Wall Street giants for Arc blockchain

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