Circle raised $222 million from BlackRock, Apollo, and a16z for its new blockchain

The USDC issuer valued its new institutional blockchain at $3 billion in fully diluted network value

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Circle raised $222 million in a presale of the native token for Arc, its new public blockchain, valuing the network at $3 billion on a fully diluted basis, the company said Sunday.

Andreessen Horowitz led the raise with a $75 million investment, according to CNBC. Other investors include BlackRock $BLK, Apollo Funds, Intercontinental Exchange, SBI Group, Janus Henderson Investors, Standard Chartered Ventures, General Catalyst, Marshall Wace, ARK Invest, IDG Capital, Haun Ventures, and........

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