Circle Internet Group (NYSE: $CRCL) has raised $222 million U.S. from the presale of Arc, the native token of its new blockchain.
The Arc token is being presold as Circle looks to diversify beyond its core business of issuing USD Coin (CRYPTO: $USDC), its popular stablecoin
Andreessen Horowitz served as the lead investor with a $75 million U.S. purchase of Arc. More From Cryptoprowl: Other prominent investors include BlackRock (NYSE: $BLK), Apollo (NYSE: $APO), and New York Stock Exchange parent company Intercontinental Exchange (NYSE: $ICE). The presale investments give the Arc token a network valuation of $3 billion U.S.
Arc is a public blockchain designed for institutional finance. Circle Internet Group says that it’s about more than stablecoins and payments, stressing that it can “run the actual economy.” As a 25% stakeholder in Arc’s initial supply of 10 billion tokens, Circle can participate in operating validator infrastructure, generating new fee revenue and earning staking rewards. The majority of the tokens (60%) will go to participants who use and contribute to the Arc network, says Circle.