USD Coin Backer Circle Set To Go Public With $4.5 Billion SPAC Deal

Jul 8, 2021 | Decrypt News | 0 comments

usd-coin-backer-circle-set-to-go-public-with-$4.5-billion-spac-deal

Circle, the company behind the US Dollar Coin stablecoin (USDC) has announced that it will go public through a deal with special purpose acquisition corporation (SPAC) Concord Acquisition Corp.

The deal will value Circle at $4.5 billion. The company raised a whopping $440 million in funding last month. At the time, Circle co founder and CEO Jeremy Allaire said, “With powerful backers who are committed to our mission and vision, we will redouble our efforts to expand into new markets, continue driving fundamental technology innovation and grow our team.”

What is Circle?

Circle is a Boston-based financial services company that launched in 2013 with a peer-to-peer payments app that used blockchain. In 2018, Circle co-created USD Coin through a joint venture with Coinbase and a consortium called Centre. Circle also helps other companies adopt stablecoins.

Since launching USD Coin, Circle has attracted high-level players in the payments industry, including Dante Disparte, previously the executive vice president at the Facebook-led Diem Association (formerly known as Libra), who joined Circle as chief strategy officer in April 2021.

Today, USD Coin has a total market cap of just under $26 billion.

News Source from Decrypt.co

Related Articles

Number of Cryptocurrency ATM Locations Soars Past 24K Worldwide

Number of Cryptocurrency ATM Locations Soars Past 24K Worldwide

The number of cryptocurrency ATMs has surpassed 24,000 globally. Out of 75 countries with crypto ATMs, the U.S. tops the list with the most locations. 24K+ Cryptocurrency ATMs Worldwide The number of cryptocurrency ATMs has exceeded 24,000 globally, according to the...

Here are the 12 biggest crypto hires thus far in 2021

Here are the 12 biggest crypto hires thus far in 2021

Quick Take There has been a big increase in the flow of talent from Wall Street to the crypto world. We take a look at the 12 biggest moves that have happened so far this year. This feature story is available to subscribers of The Block Daily. You can continue reading...

Crypto Companies Establish Presence, Hire Talent in Ireland

Crypto Companies Establish Presence, Hire Talent in Ireland

With a friendly attitude towards financial innovation, the Republic of Ireland has become a desired destination for fintech businesses that need unimpeded access to the common European market. Cryptocurrency companies have been opening offices in the EU member state...

Pin It on Pinterest

Share This