Circle goes public through a Bob Diamond-backed SPAC deal – Boston-based company valued at $ 4.5 billion – Bitcoin News
Boston-based crypto finance firm Circle has announced that it will merge with Concord Acquisition Corp. this year. to go public. Circle announced the news Thursday, stating that the company expects to close the deal in the fourth quarter, valued at $ 4.5 billion.
Circle Announces SPAC Deal with IPO Plans
Founded in 2013 by Sean Neville and Jeremy Allaire, payment technology company Circle plans to go public shortly. Headquartered in Boston, Massachusetts, the company has operated numerous services for the past eight years and recently launched the usd coin (USDC) with Coinbase and the Center Consortium.
Circle also briefly owned and then sold Poloniex, and Circle also sold the digital assets trading platform to Voyager Digital in February 2020. Circle was the first company in New York to receive the bit license back in September 2015 and now the company plans to use a merger with a special purpose vehicle (SPAC) to go public.
The deal is expected to close by the fourth quarter of 2021, and Circle expects the company to achieve a net valuation of $ 4.5 billion. On Thursday, Circle CEO Jeremy Allaire debated the issue on CNBC’s Squawk Boxing show.
“We just see an incredible opportunity to grow fast and grow around the world and we believe that this series of transactions and conversion to a public company really makes us a trusted platform in this digital currency industry,” noted Allaire on the show.
The acceptance and use of the USDC is growing exponentially
Another report notes that the transaction is expected to flow $ 691 million in revenue into the merged company. Circle also said the Private Investment in Public Equity (PIPE) funding will also strengthen the company, and will be supported by companies like Daniel Loebbs Third Point, Ark Investment Management, Marshall Wace, and Fidelity Management & Research Co.
A transcript filed by Circle with the Securities and Exchange Commission (SEC) discusses the SPAC company and also mentions the growth of USDC.
Jeremy Fox-Geen, Circle’s chief financial officer, said on a transcribed conference call for SEC investors that the company “has seen growing adoption and use of the USDC in an expanding range of use cases. While we believe the USDC use case is the same as the one dollar use case, USDC is the better product for many of those use cases, ”added Fox-Geen.
Circle co-founder Allaire remains CEO and Bob Diamond, chairman of Concord Acquisition, becomes a board member. Diamond is also the Chief Executive Officer of Atlas Merchant Capital and the former CEO of Barclays plc. “We operate this market infrastructure from USDC, which is not clearly comparable,” emphasized Allaire in CNBC’s Squawk Box.
“It’s a fundamental innovation in payment systems, so you might think of large payment technology companies,” added the Circle CEO.
What do you think of Circle’s plans to go public via a SPAC merger with the Concord acquisition of Bob Diamond? Let us know what you think on this matter in the comments below.
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