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Circle is weathering crypto-winter like every other crypto company, says CEO; refutes valuation rumours

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Circle CEO says they are weathering crypto-winter like every other crypto company and refutes rumors of Circle's valuation
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Jeremy Allaire, the CEO of Circle, spoke to Fortune Studios about the company’s activities, and plans for the future, while also discussing how the company weathered the crypto bear market over the years.

Allaire explained that all companies in the crypto business were undergoing the same issue as Circle, and that “business was down,” for all. He continued,

“When there’s no volatility or prices are down, then volumes are down… We had very significant growth year last year, even though there was a crypto bear market.”

Despite the bear market however, Allaire revealed that the company’s user base and revenues had increased over the previous year. According to Fortune, Circle was valued at $3 billion, after it acquired the cryptocurrency exchange, Poloniex.

There were rumors of Circle’s valuation falling below $1 million after its lead investor, Bitmain, faced issues of its own, following the fall in crypto prices. Additionally, Circle’s shares were allegedly selling at a steep discount due to the collapse in prices.

Allaire however, refuted the rumors, stating,

“I can’t comment on specific transactions or specific prices or things like that, but the way that was characterized was inaccurate. There are secondary platforms, people list the things they are offering… but that doesn’t mean they’re actually trading and the way that was characterized was inaccurate”

Circle closed its acquisition of SeedInvest, an equity crowdfunding site, earlier this month. The acquisition will allow Circle to get into the regulated sphere of issuing securities, which would become a major part of Circle’s business in the near future.



He added,

“We’re going to look at ways that we can bring the benefits of digital assets, crypto technologies, and blockchains into this whole area of issuing securities over the internet.”

Allaire also spoke about Facebook’s stablecoin, adding that he looked forward to the competition, and that internet companies issuing cryptocurrencies was a good sign for crypto in the long term.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Ethereum

Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand

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Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,



“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”





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