Blockchain Startup CENTRE Raises $20 Million in SAFT Sale

Announcements, Blockchain, Investing | December 11, 2017 By:

Cent Routing Exchange (CENTRE), a subsidiary of blockchain startup Circle, has raised $20 million in a Simple Agreement for Future Tokens (SAFT) sale. A SAFT is an instrument employed to allow partners and participants to establish early stakes in the network ahead of a future public sale of tokens that will enable use of the network.

CENTRE is an open source project that aims to use blockchain technology to allow disparate digital wallets to exchange money and value directly, cheaply, and safely. The platform would enable wallet inter-operability, both for person-to-person and person-to-merchant payments, and was built on existing technology developed by Circle. It includes support for transmitting fiat money over blockchain implementations, a service provider mechanism to support trust and identity decisions, rules for payment settlement and reversals, and the secure exchange of KYC/AML-related information to meet compliance obligations.

The company will use the money to recruit talent, invest further in research and development, build partnerships, and become a non-profit entity independent of Circle.

“We believe that an open internet of value exchange can transform and integrate the world more deeply, eventually eliminating artificial economic borders and enabling a more efficient and inclusive global marketplace that connects every person on the planet,” Circle founders Sean Neville and Jeremy Allaire wrote in a blog post. “CENTRE was born out of a desire to realize this vision, and this initial fundraising marks an important early milestone in its progression.”