We're thrilled to announce the official debut of Circle, a digital currency company building products that offer greater ease-of-use in online and in-person payments, enhanced security and privacy for consumers, and lower costs for businesses accepting digital payments. Like other major disruptions unleashed by the power of the open Internet, we believe that digital currencies, like bitcoin, have the potential to transform the world economy.
Circle was founded by Jeremy Allaire, an Internet pioneer and serial entrepreneur with a track record of building platform businesses that helped transform software, media and communications, and which grew to become significant public companies.
Circle launches today with $9 million in Series A financing from venture capital leaders Jim Breyer, Accel Partners and General Catalyst Partners. Jim Breyer of Breyer Capital and Accel Partners, as well as David Orfao of General Catalyst Partners will join Circle's board of directors. The funds will be used for product development and to make key hires to build out the team.
Circle's products and services are built on bitcoin open source technology and standards. We're incredibly excited to join the community of developers and contributors and support the advancement of Bitcoin. To that end, today we also announced that Circle has joined the Bitcoin Foundation as a gold-level member to help support bitcoin education, communication, community growth and development.
Digital currency is at a tipping point and the world is taking notice. Today, the New York Times covered Circle's debut with a deep look at the trends taking shape that will accelerate the mainstream adoption of bitcoin and digital currency products.
Today we'll be at the Web Summit in Dublin, Ireland for an on-stage discussion about Circle and the future of digital currency. You can tune into the free live video stream at 12:25 PM GMT.