The Boston based peer-to-peer payment tech company, Circle, has announced that it is increasing the size of its Hong Kong staff in order to better serve the Asian market. Circle is now being backed by the likes of Goldman Sachs, IDG Capital and China’s Baidu to help move all kinds of digital currencies to hedge fund managers and institutions in Asia.
In February of this year, Circle acquired a cryptocurrency exchange Poloniex with the financial backing of IDG Capital Partners and Goldman Sachs. It has been reported that Circle has plans to introduce cryptocurrency trading for individual investors in the Asian market, as well as a peer-to-peer money transfer service backed by the bitcoin blockchain network.
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle has just over 400 employees and is said to be trading roughly four billion dollars a month (US) in cryptocurrencies. The company was backed with $140 million in venture capital from investors such as Jim Beyer of Facebook, the US based Accel Partners, China’s Everbright and CreditEase to name a few.