Global FinTech Circle is considering filing for public listing on the NYSE with Special Purpose Acquisition Company (SPAC) Concord Acquisition Corp, at an estimated valuation of $ 4.5 billion. A public Irish holding company is to acquire both Circle and Concord to go public under the ticker CRCL.
“Circle was founded with a mission to transform the global economic system through the power of digital currencies and the open Internet,” Circle co-founder and CEO Jeremy Allaire said Thursday (July 8th). Press release. “We have made tremendous strides towards realizing this vision, and through this strategic transaction and ultimate public debut, we are taking an even bigger step, with the capital and relationships necessary to build a financial services company. The global Internet that can businesses around the world to connect to a more open, inclusive and efficient global economic system.
Circle is the main operator of the USD Coin (USDC), which has $ 25 billion in circulation. The Boston-based startup has also supported more than $ 785 billion in on-chain transactions. This year alone, the number of USDCs in circulation increased by more than 3,400%, which the company said helped fuel many use cases for “high Internet native payments and settlements.” confidence and low friction “.
The combined entity has $ 415 million in capital commitments at $ 10 per share, with participation from Marshall Wace, Fidelity Management & Research Company, Adage Capital Management, accounts advised by ARK Investment Management and Third Point. This funding is in addition to a maximum cash contribution of $ 276 million held in a Concord trust account. The deposit is expected to give Circle $ 691 million to benefit the new combined entity.
âCircle is the true pioneer of trusted digital currencies, an increasingly critical part of the global financial system,â said Bob Diamond, President of Concord Acquisition Corp and CEO of Atlas Merchant Capital. âThe company has earned its exceptionally strong reputation by building highly innovative blockchain-based products and services within the regulatory scope. “
Circle closed a $ 440 million funding round in May for growth and organizational development. In an interview with PYMNTS in April, Allaire said that digital commerce has many steps that need to be streamlined, especially with the back-end processes.