Circle Ventures, the venture capital arm of Circle, the issuer of the USDC stablecoin, has announced an investment in Sei, a Layer 1 blockchain network that aims to provide fast, cheap, and scalable transactions for various use cases.
The investment amount was not disclosed, but it is part of Circle Ventures’ strategy to expand the USDC ecosystem and support innovative projects that leverage the stablecoin. USDC is a USD-backed digital currency that is widely used in the crypto space for trading, payments, lending, and other applications.
Sei is a blockchain network that claims to offer high performance, low latency, and low fees for various types of transactions, including cross-chain transfers, decentralized exchanges, non-fungible tokens, and smart contracts. Sei also supports multiple programming languages, such as Solidity, Rust, and C++, making it easier for developers to build applications on the platform.
Sei to Integrate USDC Stablecoin and Enable New Use Cases
By bringing USDC to Sei, Circle Ventures hopes to enhance the liquidity and utility of the stablecoin, as well as to enable new use cases and markets for USDC users and developers. According to a press release from Sei, USDC will be integrated into Sei’s native wallet, explorer, and decentralized exchange, as well as into other applications built on Sei.
“As crypto matures, stablecoins will become more and more relevant to the overall growth of the industry, with Sei providing the ideal scalable infrastructure to accommodate this demand,” said Samy Karim, Director at the Sei Foundation, in a statement.
Circle Ventures is the venture capital arm of Circle, which was founded in 2013 and is backed by investors such as Goldman Sachs, IDG Capital, and Baidu. Circle Ventures focuses on investing in early-stage startups that are building innovative solutions for the crypto and blockchain space, especially those that use USDC as a core component.
Sei is a Layer 1 blockchain network that was launched in 2021 and is powered by the Sei Foundation, a non-profit organization that oversees the development and governance of the network. Sei is listed on several major crypto exchanges, such as Binance, Huobi, and OKEx, and has a market capitalization of over $1 billion as of November 16, 2023.