Jeremy Allaire Net Worth, USDC Creation, Bio, Background, Wiki

Jeremy Allaire.
Courtesy of CoinDesk.com.

 

This Wikipedia-style bio will cover Jeremy Allaire’s background, his contribution to DeFi (Decentralized Finance), his net worth, and other commonly queried topics surrounding him.

 

Who Is Jeremy Allaire?

Jeremy Allaire is an American entrepreneur, economist, and technologist. He is best known as the founder of digital currency company Circle. He has founded successful technology companies Allaire Corporation and Brightcove as well.

 

Bio And Background

Jeremy Allaire was born on May 13, 1971, in Philadelphia, Pennsylvania, according to Encyclopedia of World Biography. In 1983, Allaire’s family purchased an early Apple computer, which sparked his interest in technology.

Allaire’s LinkedIn profile states that he graduated from Macalester College (St. Paul, Minnesota) in 1993 with a bachelor’s degree in Political Science, Economics, and Philosophy. While studying at Macalester College, Allaire’s roommate set up an internet connection for their dorm room, allowing Allaire to start using the internet in its early days, Encyclopedia of World Biography writes.

In October 1995, Allaire co-founded internet software company Allaire Corporation with his brother J.J. In 2001, the brothers sold the company to Macromedia for $360 million, according to Encyclopedia of World Biography.

From January 2001 to February 2003, Allaire served as the Chief Technology Officer of Macromedia. In this position, he helped “define product roadmap and strategy for next-generation internet software platform.”

From March 2003 to August 2004, Allaire served as an Entrepreneur in Residence for General Catalyst Partners.

In September 2004, Allaire founded online video platform Brightcove. Until January 2013, Allaire served as the company CEO. After stepping down as the Brightcove CEO, he served as the chairman of the company’s board until April 2016.

In February 2012, Boston Business Journal reported that Brightcove had raised $55 million at its initial public offering. At the time, the company’s valuation was $290 million.

In October 2013, Jeremy Allaire co-founded Circle. Since Circle’s foundation, Allaire has served as the company’s CEO and Chairman.

 

Jeremy Allaire And Circle

Circle homepage.
Courtesy of Circle.com.

 

Circle is a technology company that provides businesses with a platform for payment handling. More specifically, Circle allows businesses to accept payments (through the Payments service), issue payouts (through Payouts), and track their transactions (through Accounts).

Circle has a strong focus on digital currencies and public blockchains. The company states that its mission is “to raise global economic prosperity through programmable internet commerce”, as well as to facilitate participation in digital currency.

Circle operates stablecoin USD Coin (USDC). The company writes:

USD Coin (USDC) represents a major breakthrough in how we use money. Digital dollars work like other digital content — they move at the speed of the internet, can be exchanged in the same way we share content, and are cheaper and more secure than existing payment systems.

Circle claims that USDC is “backed by fully reserved assets” and is “redeemable on a 1:1 basis for US dollars.” USDC is available on Ethereum, Algorand, Solana, Stellar, and Tron (founded by Justin Sun) blockchains.

As of July 20, 2021, there was 26.7 billion USDC in circulation. 859 billion had been transferred in total.

USDC trading volumes.
Courtesy of Circle.com.

 

Through Circle Yield, Circle allows USDC holders to earn interest in exchange for temporarily locking their reserves. Longer locking periods translate to higher yield rates – from 4% to 4.15%.

To be able to integrate USDC in their applications, businesses are required to purchase a membership. Memberships are available for Payments, Payouts, and Accounts.

Circle pricing plans.
Courtesy of Circle.com.

 

Circle supports not only USDC transactions but also bank wire transfers, credit card transfers, and ACH payments, among others.

In 2015, BetaBoston reported that Circle had become the first business to receive a BitLicense from the state of New York. BitLicense is a regulation that aims to ensure regulated access to the virtual currency marketplace for the state of New York and New Yorkers.

In April 2016, Circle announced that it had become an electronic money institution registered under the Financial Conduct Authority (FCA) in the United Kingdom.

On July 8, 2021, Allaire announced on the Circle blog that Circle would become a publicly traded company on the New York Stock Exchange.

 

Jeremy Allaire Net Worth

Jeremy Allaire’s net worth is unknown, however there are many tangentially related numbers relevant to his business ventures.

Allaire’s Circle has raised hundreds of millions of dollars in venture capital from investment rounds since 2013. Some of the most notable rounds are outlined below.

In November 2013, TechCrunch reported that Circle had launched its initial funding round, securing $9 million. Investors included General Catalyst Partners, Accel Partners, and Jim Breyer, according to TechCrunch.

In April 2015, CoinDesk reported that Circle had closed a $50 million funding round, with investors including Goldman Sachs, the China-based IDG Capital Partners, Breyer Capital, General Catalyst Partners, and Accel Partners.

Tom Jessop, managing director at Goldman Sachs’ Principal Strategic Investments Group, commented:

We think that Circle’s product vision and exceptional management team present a compelling opportunity in the digital payments space.

In May 2018, TechCrunch reported that Circle had raised $110 million in a recent funding round. The company’s valuation at the time was near $3 billion.

In May 2021, Circle announced that it had secured $440 million in financing. Fortune writes that participants in this funding round included cryptocurrency exchange FTX (funded by Sam Bankman-Fried) and Digital Currency Group (founded by Barry Silbert).

On June 1, 2021, Yahoo! News wrote that the $440 million funding round was the largest-ever venture capital round for a crypto business.

In the July 2021 blog post announcing the intention of Circle to go public, Allaire specified that the company was valued at $4.5 billion.

 

Online Presence And Publicity

Jeremy Allaire is present on Twitter and LinkedIn.

In a July 19, 2021, tweet, Allaire praised crypto journalist Nic Carter for his CoinDesk post addressing stablecoin criticism.

Allaire has been interviewed by prominent cryptocurrency entrepreneurs Anthony Pompliano, Raoul Pal, and the Bankless studio.

 

 

 

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