Goldman-backed start-up: All global currencies will become cryptocurrencies

Every currency in the world — from the U.S. dollar to the Chinese yuan — will have its own cryptocurrency version, the CEO of fintech firm Circle said.

"Our view is that all fiat currency will be crypto," Jeremy Allaire, who co-founded Circle in 2013, told in an interview. "It seems inevitable at this point."

Allaire's start-up offers a blockchain-powered app that lets people send money to each other for free. Blockchain is the public ledger of activity that underpins cryptocurrencies like bitcoin.

Circle also has a product that lets users invest in cryptocurrencies like bitcoin and ethereum, and another that facilitates over-the-counter cryptocurrency trading for institutional investors.

The $3 billion company is backed by U.S. investment bank Goldman Sachs and Chinese internet giant Baidu. Earlier this year it made its first-ever acquisition, buying cryptocurrency exchange Poloniex.

Circle recently said it wants to introduce a new cryptocurrency pegged to the U.S. dollar, called "USD Coin." The idea is to speed up transactions made with dollars by using blockchain technology — which maintains a continuously growing digital record of transactions — and reducing the volatility seen in most cryptocurrencies.

Source:CNBC

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