Bitcoin and Blockchain startup Circle Internet Financial, Inc. has raised $60 million Series D in a round led by IDG Capital Partners that included leading Chinese firms Baidu, CICC Alpha, China EverBright Investment Management, Fenbushi Capital and CreditEase.

The new funding will be used to establish a dedicated China-based subsidiary, Circle China.

Founded in 2013 by Jeremy Allaire, best known as the founder of video service BrightCove, Circle describes itself as a consumer finance company focused on transforming the world economy with secure, simple, and less costly technology for storing and using money.

The company is best known in the United States for its consumer-facing bitcoin wallet service that attempts to simplify the experience of purchasing and using bitcoins via the web and mobile devices.

Circle China will not immediately begin trading, but will be seeking regulatory approval to allow locals to purchase Bitcoin in Rembai as well as trade Bitcoin to other currencies.

“We want to enable Chinese consumers to share value with anyone in the U.S., with anyone in Europe, and, through the blockchain, with anyone in the world instantly, globally, without fees, and with a high level of security,” Allaire said in a statement. “We’re going to work with our strategic partners and relevant government authorities to bring the benefits of Circle’s blockchain-powered social payment app to Chinese consumers in the coming years.”

Europe expansion

Along with its push into China, Circle also added that it was continuing its expansion into Europe after having obtained an EEA E-Money Issuer license from the UK Financial Conduct Authority and opening a U.K. office with support for transactions in Pounds Stirling some months ago.

“We will soon open Circle Euro support to consumers in Spain as the first part of a broader European-wide rollout to come over the coming month,” Allaire said. “We are currently working with the regulators to finalize our approach, but are excited about the opportunity.”

The expansion in Europe is said to be complimentary to Circle’s push into China as the company claims it is critical in their effort to enable consumers everywhere to share value.

Including the new round Circle has raised $126 million to date including $50 million in a Series C round in April 2015.

Previous investors include Goldman Sachs, Pantera Capital, Breyer Capital, General Catalyst Partners, Accel Partners, Oak Investment Partners, Fenway Summer, and Digital Currency Group.

Image credit: Circle.