Circle raises largest-ever VC round for a crypto business

Circle, a Boston-based provider of payment and treasury infrastructure solutions for online businesses, raised $440 million.

Why it matters: It's the largest-ever VC round for a crypto business.

Details: Axios has learned the deal was done at around a $3.5 billion pre-money valuation, but that the price could climb based on specifics of an anticipated public listing (most likely via SPAC).

Investors: Fidelity, Marshall Wace, Willett Advisors, Intersection Fintech Ventures, Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Valor Capital Group, Pillar VC and Michael J. Price and Friends.  

The bottom line: Circle works with lots of bitcoin-related companies, but is really banking on becoming a clearinghouse for stablecoins like its own dollar-pegged USDC — whose supply recently exceeded $20 billion and from which Circle makes money via the underlying dollar reserves.