As per the latest reports, Circle has made an announcement in regards to its public listing. The digital currency and payments firm has announced that it is planning to go public by getting enlisted on one of the US-based exchanges.
Circle has revealed that it is planning to do it by the end of the running year. However, its public listing is going to be an interesting one because the firm has added a twist to it. According to the firm, it is planning to go for public listing through a merger.
The sources have revealed that it will be forming a merger with Concord Acquisition Corp, which is a special purpose acquisition company (SPAC).
Circle made the announcement in regards to its merger with Concord Acquisition Corp. on Thursday, July 8, 2021. The firm has revealed that they are expecting that the merger is going to take place between the two companies in the fourth quarter of 2021. Once the merger takes place, the company will be valued at $4.5 billion.
Jeremy Allaire, the CEO at Circle, has talked about the significance of the company going public later this year. He stated that their company has been really growing ever since it came into being. With the current situation at hand, the digital transaction sector has been boosted to new levels.
As a result of the current situation, things seem extremely favorable and they are going to get the most out of it. For them, it is the perfect opportunity to expand their business all over the world. As their company gets enlisted in the stock exchange market, it would gain more trust and international investors’ interest.
Circle has been around for more than eight years in the digital currency sector. Since then, the firm has observed a lot of adoption and even co-created USD Coin, which is a USD pegged stablecoin.
Since mid-2020, the digital payments sector has observed a lot of adoption and worldwide recognition. Governments from all over the world have started working on their digital currencies.
Amid all the progress, it has become obvious that the online payments sector is going to cover a lot of ground in the upcoming years. This is the reason why getting enlisted publicly would offer a lot of profits to investors who invest in Circle.
With the passage of time, even major financial payment firms such as MasterCard and Visa have started adopting digital payments. These firms have even started adopting cryptocurrencies and are reporting that the transaction volume for digital currencies is constantly increasing.
The circle is not the only digital asset company that has boarded the public listing train. Other companies such as Binance, Coinbase, and Robinhood, dealing solely in digital transactions have boarded the public listing train.