Goldman Sachs announces partnership with IDG

Investing | April 30, 2015 By:

On Wednesday, April 29, Goldman Sachs announced its partnership with IDG Capital Partners, to lead a $50 million investment into Circle Internet Financial, a start-up that aims to use the technology underlying Bitcoin to improve consumer payments.

“Having a franchise like Goldman Sachs as an investor, who has done due diligence, is a vote of confidence,” said Circle co-founder and chief executive Jeremy Allaire.

The investment is coming from Goldman’s principal strategic investments group with the participation of IDG Capital, a firm that has backed some of China’s biggest start-ups.

While Circle did not provide the size of Goldman’s investment, Mr. Allaire said that Goldman and IDG had provided the majority of the $50 million.

Goldman Sachs is an American multinational investment banking firm. IDG Capital Partners is a Chinese investment firm.