Circle has announced that it plans to become a publicly traded cryptocurrency company. It will merge with Concord Acquisition Corp, SPAC Circle, better known as one of the founding members of the Center consortium with Coinbase. They have also issued USD Coin (USDC),
a popular stablecoin, in xo partnership with crypto partners. other grown ups SPAC is a publicly traded blank check company. Mergers with SPAC have become a popular way to become a publicly listed company for technology companies.According to Circle, the deal should cost the company $4.5 billion. Investors involved in the merger have provided $415 million in PIPE financing.
The company has also raised $440 million recently. In other words, Circle will have plenty of capital on hand if the merger does. business merger passed Created in 2013, the company wanted to build a mainstream bitcoin payment platform, but later the company began building social payment apps Circle, becoming a Venmo clone with under-the-hood blockchain technology. At some point Circle canceled its ability to send and receive bitcoins.