Main navigation

Circle CEO: Facebook Coin Is ‘Great Sign’ for Crypto

News
Tue, 03/19/2019 - 06:17
article image
Alex Dovbnya
??Circle, which rolled out its own dollar-pegged stablecoin in partnership with Coinbase, doesn’t fear competition with Facebook
Circle CEO: Facebook Coin Is ‘Great Sign’ for Crypto
Cover image via U.Today
Read U.TODAY on
Google News
Contents

During a recent interview with Fortune, Circle CEO Jeremy Allaire weighted in on numerous issues that pertain to his company and the crypto market in general. Allaire calls the valuation rumors ‘misreporting’ while claiming that Facebook Coin is ‘a great sign’ for the cryptocurrency industry.       

Related
Circle Acquires Equity Crowdfunding Start-Up SeedInvest

Crypto market downturn

Allaire was asked an inevitable question about the state of Circle’s Poloniex exchange and its OTC trading desk in the middle of the crypto rout. He says that their business is obviously highly correlated to the market activity. At the same time, the Circle CEO also claims that they had ‘very significant growth’ in 2018 despite the persistent bear market.

This, according to Allaire, will be defined by the growth in stablecoin adoption. Security token offerings (STOs) are shaping up to be yet another disruptive trend that will bring a lot of ‘compelling’ use cases.  

Related
Security Tokens Surge in Demand After SEC ‘Curses’ ICO Coins to Be Paper Holdings

Funding rumors

When asked about Circle reportedly planning to raise $250 mln, Allaire declined to comment on their financial plans. However, he did address The Block report, which states that Circle’s valuation has plunged below the $1 bln mark with its shares being offered on the secondary market at a ‘massive’ discount. Allaire calls this story ‘misreporting’, claiming that ‘the way it was characterized was inaccurate.’

Related
EXPOSED: Kraken CEO Jesse Powell Slams The Block for Publishing Fake News

Facebook Coin

‘Facebook Coin’ has been one of the hottest topics in the cryptocurrency industry as of recently with very polarizing opinions. Allaire, whose company issued the dollar-pegged USDC stablecoin, claims that it’s ‘great sign’ that such companies as Facebook are interested in issuing their own digital assets.

However, he claims that their consortium strategy with Coinbase will allow them to gain an edge over competitors. He also emphasized that a cryptocurrency shouldn’t be simply used as a means of payment – it should be part of a much broader infrastructure.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.