Goldman Sachs Group Inc. invested in a $50 million fundraising round in bitcoin startup Circle Internet Financial Ltd., another sign of the growing interest in digital currency technology by established financial institutions.

IDG Capital Partners co-led the round, which also included existing Circle investors such as Breyer Capital, General Catalyst Partners, Accel Partners and Oak Investment Partners, Circle said in a statement late Wednesday. The company offers a variety of services for storing and using bitcoins.

The round brings Circle’s total funding to $76 million, and “is a material step-up in valuation from our past financing,” Jeremy Allaire, chief executive officer of the Boston-based venture, said in a telephone interview. He declined to disclose the specific value.

IDG Capital, which is based in China, could help Circle expand into that country, while Goldman Sachs could eventually become a business partner, Allaire said. Goldman Sachs’s participation came through its principal strategic investments group, which invests the firm’s own money in exchanges and other electronic platforms.

“Our hope is to work with Goldman on a commercial basis as we grow the business,” Allaire said.

Circle plans to use the funding for product development and international expansion, he said. Some of the money may go toward marketing a new feature that lets Circle customers hold, send and receive U.S. dollars with no fees. The feature will help turn the company into an international money-transfer service, a peer-to-peer payment service and a bank. Eventually, there are plans to move into other currencies, such as the Chinese yuan, he said.

-Source: Bloomberg