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• Circle will go public via a collaboration with business combination with Concord Acquisition Corp.
• Along with Concord’s trust and Circle’s recently closed convertible note financing, Circle will be left with $1.1 billion in gross proceeds upon the close of the transaction.
• This transaction brings Circle’s total valuation to a massive $415 million.
Circle is a blockchain company that looks after payment infrastructures and public blockchain for payment, commerce, and so on. As of now, Circle’s has supported more than 100 million transactions by more than 10 million retail customers and more than 1,000 businesses. Circle is also the sole developer of USD Coin (USDC). Along with Coinbase and the Centre Consortium, USDC has become one of the fastest-growing and the most popular stablecoin in the digital currency market. The stablecoin has supported USDC for more than 22 billion and has funded over $615 billion in transactions over the past year. Backed by the investment giant, Goldman Sachs, Circle plans to go public.
Shareholders to Maintain 86% Ownership After Circle Goes Public
Circle will go public via a collaboration with business combination with Concord Acquisition Corp (NYSE: CND). With $276 million in trust, Concord is a publicly-traded special purpose acquisition corporation. This brings Circle’s total valuation to a massive $415 million. After the firm goes public, the shareholders will hopefully maintain 86% ownership of the public entity. In addition to this, investors have contributed a total of $415 million towards PIPE financing. Along with Concord’s trust and Circle’s recently closed convertible note financing, Circle will be left with $1.1 billion in gross proceeds upon the close of the transaction.
Circle is the Pioneer of Digital Currencies, Concord is Excited About the Collaboration
Bob Diamond, Chairman of Concord Acquisition Corp and CEO of Atlas Merchant Capital commented that Circle is the pioneer of digital currencies, a fastly growing sector in the world of finance. Circle has created several blockchain-based products that has been appreciated by the market. Its world-class leadership team, track record of delivery, and extraordinary ambition enable Circle to position itself as one of the top blockchain firms in the world. Jeremy Allaire, the co-founder of Circle, will serve as Circle’s CEO.
Allaire said that Circle is thrilled to collaborate with Concord’s executive and investment team, drawing on their decades of operating experience growing financial services businesses around the world. Circle’s stable USDC is the second largest stablecoin after Tether’s USDT. Back in May, Circle secured $440 million in private investment from an array of private equity, institutional and strategic investors. Fidelity Management and Research company, FTX were some of the investors. Allaire predicted that the company’s transacted dollar value would soon cross that of PayPal’s.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
