Circle Internet Financial, a cryptocurrency start-up that is merging with a special-purpose acquisition company, raised $400m in a funding round on 12 April.

Investors include BlackRock, Fidelity Management and Research, Marshall Wace, and Fin Capital, according to a statement. BlackRock has also entered into a broader strategic partnership with Circle, which includes exploring capital-market applications for USDCoin, a stablecoin tied to the US dollar. The round is expected to close in the second quarter.