Company Updates

Improving Financial Inclusion and Economic Prosperity for All

Improving Financial Inclusion and Economic Prosperity for All

Dante Disparte Dante Disparte November 17, 2021

Circle was founded in 2013 on the principle that public blockchains and digital currency will make the global economic system more open, inclusive and efficient for people everywhere. Eight years later, that vision is becoming clearer. People and businesses worldwide are connecting and transacting with each other through a system that has the reach, accessibility and speed of the internet, without borders or boundaries. 

While Circle has evolved and grown as a company, we’ve remained laser-focused on raising global economic prosperity through the frictionless exchange of financial value, crystallizing our mission statement. As Circle’s growth has accelerated, our opportunities to deliver on that mission for the people and communities we serve is greater than ever — this is why we are making a whole-company approach to deliberately make a broad impact on the world. 

The recently launched Circle Ventures is just one example. This new fund will support and speed the development of compelling, early-stage blockchain projects and companies that are contributing to our shared purpose. Along with SeedInvest, our startup fundraising platform, which has funded over 250 startups that have raised over $400 million from a diverse set of 600,000 plus investors on the platform, we are committed to lowering barriers and raising prospects for greater prosperity in the U.S. and around the world. We believe it’s crucial to support the innovators and visionaries who are developing the technologies, products and protocols needed to get us there. But it’s not enough. 

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That’s why we are introducing Circle Impact, a permanent initiative aimed at reaching the people and communities who are all too often left behind by the traditional financial system. 

This work includes:

  • Allocating a share of USD Coin (USDC) dollar-denominated reserves to often underrepresented Minority-owned Depository Institutions (MDIs) and Community Banks, with the long-term goal of reaching billions of dollars in deposits over time.
  • Creating programs through Circle’s SeedInvest startup fundraising platform to facilitate funding startups led by women and minorities, as well as supporting broader initiatives raising economic prosperity.
  • Catalyzing a Digital Finance Literacy Initiative in collaboration with leading Historically Black Colleges and Universities in the U.S. (HBCUs) and other leading institutions. Circle aims to ensure the digital financial revolution is universally accessible. Circle’s staff, among whom are the world’s foremost experts on blockchain-based financial services, will contribute to these efforts.
  • Establishing a rapid response team designed to collaborate with aid, development and humanitarian interventions worldwide, as well as spur public-private partnerships for mobilizing faster payments using USDC.
“Circle Impact is our commitment to ensuring the future of internet-native financial services is more inclusive than its analog cousin. We’re investing in connecting what counts to realize the vision of raising global economic prosperity through the frictionless exchange of financial value. Our plan is to place billions of dollars in USDC reserves with minority-owned depository institutions and community banks over time, which can be transformative to communities across the United States.”

— Jeremy Allaire, Circle Co-Founder, Chairman & CEO

Each of these focus areas is an extension of Circle's burgeoning Environmental, Social and Governance (ESG) efforts to make meaningful progress — within our resource base — to improve economic prospects and prosperity. Circle Impact, its outreach, advocacy commitments and outcomes will be measured and reported on annually as a part of our impact reporting. 

As we progress on this journey, we will be naming a leader of Circle Impact, identifying non-profit and educational partners, and creating long-range opportunities to realize our vision. We will also work with key stakeholders on the due diligence and selection criteria to support our key areas of focus. 

We’re excited to begin!

 

Do you have a project we should consider for Circle Ventures or Circle Impact? For Circle Ventures inquiries, go here. For Circle Impact opportunities, email us at circleimpact@circle.com.

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