Circle Internet Financial has raised $17 million in its second funding round from Oak Investment Partners and other new investors. The firm will use the new capital to expand its services, according to Re/code.

Founder and chairman Jeremy Allaire said: "There are not a lot of credible companies building what we are and we saw the opportunity to bulk up to bring bitcoin to the mainstream. We mean to get beyond the bunch of amateurs and enthusiasts that have dominated the early development of digital currency and make it easy for regular people to use."

Circle is also set to launch a new and limited-edition product called Circle this year. This product creates online tools that help consumers conduct safer and easier Bitcoin transactions, the report added.

With the series of troubles that the Bitcoin industry has been through recently, Circle is making an effort to move away from the shady reputation of the digital currency and gain consumers' trust. Instead, the company is branding itself as an entity that cooperates with the government and banks as well, Re/code reported.