Circle's CENTRE Raises $20 Million in SAFT Sale

Circle has raised $20 million in a Simple Agreement for Future Tokens (SAFT) sale for its ethereum-based "CENTRE" payments network.

AccessTimeIconDec 8, 2017 at 8:10 p.m. UTC
Updated Dec 11, 2022 at 2:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A subsidiary of blockchain startup Circle created to build an ethereum payments network has raised $20 million in a Simple Agreement for Future Tokens (SAFT) sale.

, the business is aimed at providing a way for different payment applications to connect through the use of tokens issued on the ethereum blockchain. The plan will see CENTRE employ its CENT token as means to access the network, as well as connect applications that don't share a common national currency.

The funding will go toward developing the network as well as setting up a non-profit foundation that will operate independently of the Boston-based startup. A representative said that the $20 million in funding is being held by the CENTRE subsidiary, separate from Circle.

Circle CEO Jeremy Allaire and president Sean Neville wrote in a blog posthttps://www.centre.io/pages/news:
"As a result of this funding, the CENTRE Foundation now has the capital to recruit talent, invest further in research and development, build partnerships, and become a non-profit entity independent of Circle."

The CENTRE sale is the latest instance in which the SAFT – based on the Simple Agreement of Future Equity (SAFE) contract employed by accelerator Y Combinator – has been employed.

Allaire and Neville wrote that the sale comes ahead of a planned public sale of CENT tokens, the date of which has not been released.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Circle. 

Marble image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.