Blockchain-based payment company backed by Baidu

Circle Internet Financial raised $60 million in a funding round backed by Baidu Inc. as the startup that allows users to send payments for free also formed a China business to win customers in the second-largest economy, Bloomberg reports. Sam Palmisano, former chairman of International Business Machines Corp., and IDG Capital Partners supported the Series D financing, Circle said in a statement. Alex Norstrom, an executive at Spotify Ltd., will join the company’s board.  Founded in 2013, Circle uses bitcoin’s blockchain technology so customers can instantly send payments in a message that can be accompanied by emojis or GIFs. Commercial services to Chinese consumers will start once the company gets regulatory approval and finds banking partners.