Cryptocurrency company circle to go public in take-off-spec agreement
Circle has announced that it intends to become a public company. The cryptocurrency company will merge with Concorde Acquisition Corporation, a SPAC. The constituency is known as one of the founding members of the Center Consortium with Coinbase. Along with other corrupt partners, they issued the USDC coin (USDC), a popular stable coin.
SPAC is a publicly traded blank check company. Merging with an SPAC has become a popular way for tech companies to become a publicly listed company.
According to Circle, the deal should cost the company 4. 4.5 billion. Investors involved in the merger in pipe financing. 415 million has been promised. The company recently raised 4 40,440 million in the capital. In other words, if the merger takes place, the circle will have a lot of capital.
Created in 2013, the company originally wanted to build a mainstream bitcoin payment platform. But the company later developed a social payment app. Circle became a kind of Venom clone with some blockchain technology under the hood. At one point, Circle even removed the ability to send and receive bitcoins.
“We never thought of ourselves as a bitcoin startup. The media, of course. We were ranked because we were associated with this technology. From the day we founded the company three years ago, we have focused on trying to create a new consumer finance company. And it’s a job that makes money just like the Internet does.
While the consumer game is not over, it is interesting to note that Allier was already thinking about being able to transfer money according to the program. In 2017 and 2018, the company once again tried to focus on cryptocurrencies. It launched an over-the-counter trading desk for large cryptocurrency investors.
It acquired Polonix, the largest cryptocurrency exchange in the United States at the time. It also launched Circle Invest, a really simple application that lets you buy and sell a handful of corrupt assets.
But the most exciting product of the circle is its stable coin – the USD coin, or USDC. As the name suggests, 1 USDC is always worth 1 USD. Unlike traditional cryptocurrencies, you can be sure that the value of USDC is not fluctuating like crazy. Audit firms regularly check that issuers always keep a maximum of US dollars in circulation in bank accounts.
With USDC, transferring money from one wallet to another is as easy as using standard API calls. The company has since incorporated various infrastructure products around USDC, such as circle accounts. The circle has also built ramps to bridge the gap between fiat currencies and cryptocurrencies.
The company is currently circulating 25 25 billion and the company expects to have 190 190 billion in circulation by the end of 2023. And the Circle believes that to take advantage of the popularity of the USDC, to develop financial services. Will be taken advantage of.