Circle co-founder and CEO Jeremy Allaire image : Ryan Rayburn / International Monetary Fund

Months after raising a $110 million round led by crypto hardware manufacturer Bitmain, Circle – a crypto startup behind the Poloniex exchange that it acquired for $400 million early 2018 – is said to be raising $250 million in new funding. That’s after some $246 million in total funding according to Crunchbase data, and a recent $3 billion valuation.

The Information reports of the new round, citing a person with direct knowledge of the plans. It says the round will be a combination of equity and debt financing. Investors for this round and the valuation being sought are not yet known.

Former Accel partner and Breyer Capital founder Jim Breyer. Circle launched in 2013 with funding from Jim Breyer, Accel and General Catalyst. Breyer is also notable for investments in Facebook, Etsy, Spotify and Legendary Pictures. Photograph by Shawn Koh/Fortune

A top crypto startup in a league that includes companies like Coinbase, Ledger, ForgeRock, Binance, Kraken and more, Circle has raised funding from notable names including Goldman Sachs, Baidu, Breyer Capital, Tusk Ventures, General Catalyst, IDG Capital, Blockchain Capital, Pantera Capital and Digital Currency Group.

Its $3 billion valuation set it amongst the top in the crypto world, only eclipsed by Bitmain’ s $12 billion valuation and Coinbase’s $8 billion valuation, according to CB Insights data. But with the steep decline in values of crypto assets, Circle’s shares were said to be on sale at a price that’ll imply a $705 million valuation.

Also recently, Circle competitor Kraken raised a $100 million round at a reported $4 billion valuation.

More on Crypto :

• Ledger Unveils New Crypto Hardware Wallet, Nano X At CES

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