The business behind USD Coin will unite with the firm headed by former Barclays CEO Bob Diamond.
This is following a $4.5 billion (£3.27 billion) takeover by a company managed by former Barclays CEO Bob Diamond.
The company’s shares will buy by a newly formed Irish holding company. Which will list on the New York Stock Exchange.
The agreement with Concord, a special purpose acquisition organization that obtains funds first, values Circle’s assets at $4.5 billion.
Circle handles USD Coin, a stablecoin connected to the US dollar, which has enabled $785 billion in blockchain transactions.
Circle is a leader in dependable digital currencies. It is becoming increasingly integrated into the wider financial system,” says Diamond, who may join the new company management CRCL.
The latest cryptocurrency start-up to seek a stock market listing
With support from Diamond’s old boss Barclays, Circle is the latest cryptocurrency start-up to seek a stock market listing.
Coinbase, the biggest cryptocurrency exchange in the United States, went public on the Nasdaq stock exchange in April. Following a partnership with Victory Park Capital, Bakkt, a platform company controlled by Intercontinental Exchange, plans to IPO.
Oblivious to repeated warnings from the Financial Conduct Authority and Bank of England governor Andrew Bailey, 2.3 million UK adults now own digital currencies.
Circle co-founder Jeremy Allaire, the founder of the online video platform Brightcove, said going public is an important step towards greater transparency.
As part of our transition from a private to a public corporation, this also allows Circle to provide considerably greater information about the business we are establishing and about the reserves that underpin USDC [USD Coin], he wrote on Twitter. Circle aspires to become the industry’s most accessible and honest operator of full-reserve stablecoins.
Earlier this year, a Massachusetts federal judge authorized the IRS to send notices to Circle. Requesting information on US taxpayers who transacted at least $20,000 in cryptocurrency between 2016 and 2020. Circle indeed cleared of all wrongdoing.
Marshall Wace, Fidelity, Third Point, Daniel Loeb’s Ark Investment Management, and Diamond’s Concord each pledged $415 million to Circle’s IPO.