Digital dollar company Circle to go public in merger deal

Global FinTech Circle has announced plans to go public via a merger with Concord Acquisition Corp.

The transaction values the company, which is the principle operator of digital dollar currency USD Coin (USDC), at $4.5 billion.

Circle maintains that USDC is the fastest growing, regulated, fully reserved dollar digital currency.

The blockchain-based currency in circulation is greater than $25 billion and has supported over $785 billion in on-chain transactions.

Following the deal, existing Circle shareholders will keep around 86 per cent of the public entity.

Alongside the transaction, investors have pledged $415 million in PIPE financing. Combined with cash in trust and Circle’s recently closed convertible note financing, the business will have more than $1.1 billion in gross proceeds.

“Circle was founded with a mission to transform the global economic system through the power of digital currencies and the open internet,” said Jeremy Allaire, chief executive, Circle. “We’ve made huge strides towards realizing this vision, and through this strategic transaction and ultimate public debut, we are taking an even bigger step forward, with the capital and relationships needed to build a global-scale internet financial services company that can help businesses everywhere to connect into a more open, inclusive and effective global economic system.”

Allaire added: “We are thrilled to partner with Concord’s executive and investment team, drawing on their decades of operating experience growing financial services businesses around the world.”

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