Receiving Investment from Circle Ventures, SEI Price ‘Rolls on a Roller Coaster’

Circle Ventures, the investment fund of the stablecoin issuer of the similar identify, invested in Sei with the ambition of expanding the USDC ecosystem.

Receiving Investment from Circle Ventures, SEI Price ‘Rolls on a Roller Coaster’

Initiative club, the startup investment fund of the giant Circle, has produced an investment in layer-one Sei. The over facts was unveiled by Sei on the evening of November 15, with no even so specifying the dimension of the capital injection.

THE @SeiNetwork The ecosystem aligns with our dedication to operating with founders and teams committed to open accessibility and programmable commerce. Congratulations on the announcement! https://t.co/mzQxn8IE7j

— Circle Ventures (@circle_ventures) November 15, 2023

The investment aim is to carry USDC to Six, supplying quickly and low-priced transactions globally, even though strengthening liquidity for the general cryptocurrency market place, in accordance to announcement Six wrote. Samy Karim, director of the Sei Foundation, explained in the statement:

“As the cryptocurrency industry matures, stablecoins will become increasingly important to the overall growth of the industry. And Sei can provide the infrastructure to meet this need.”

Recently, Circle has produced several moves to strengthen the USDC ecosystem, this kind of as partnering with Noble and dYdX to facilitate the transfer of this stablecoin in between blockchains Implemented v2.two update to optimize USDC and EURC (formerly EUROC).

As for Sei, following the “scandalous” release of the token, a series of challenging days followed for the whole network. Trading action was so slow that BlueMove Market had to choose to withdraw from Sei.

The SEI value right away elevated to 15%. following obtaining investment from Circle Ventures, but is adjusting to its past value selection.

15-month chart of the SEI/USDT pair on Binance as of 00:35 on November sixteen, 2023

Coinlive compiled

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