CENTRE, blockchain startup Circle’s recently launched subsidiary, has raised $20 million in an initial funding through Simple Agreement for Future Tokens (SAFT) sale.
The funding will be used to bootstrap the creation of a non-profit foundation to oversee development of the CENTRE open protocol, services, network, and partnerships.
CENTRE, a recursive acronym for Cent Routing, was unveiled in October. It is an open source, decentralized crypto-powered consumer payment network that would allow money to flow between wallets just like information between browsers, email between mail services and texts between SMS providers.
“As a result of this funding, the CENTRE Foundation now has the capital to recruit talent, invest further in research and development, build partnerships, and become a non-profit entity independent of Circle,” co-founders Jeremy Allaire and Sean Neville wrote in a blog post.
They explained that the CENTRE protocols include 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.
According to CoinDesk, CENTRE will employ its CENT token to facilitate access to the network and link applications that do not share a common national currency. The initial funding comes ahead of a public sale of CENT tokens.
