Circle, the blockchain firm behind the USDC stablecoin is all set to go public on Nasdaq via a SPAC merger. The blockchain firm will merge with Special Purpose Acquisition Company Concord Acquisition Corp (NYSE: CND).
The merger deal would see an Irish company acquire both Concord and Circle and list publically on Nasdaq under the ticker symbol ‘CRCL’. The merger deal puts Circle’s valuation at $4.5 billion at the time of Nasdaq listing.
Circle first revealed its plans of going public in May this year and raised $440 million last month, making it one of the bigger funding rounds in crypto history.
Jeremy Allaire, Circle’s co-founder, and CEO will remain the CEO of the upcoming public company while Concord chairman Bob Diamond would join the board. The transaction is expected to finalize by the final quarter of 2021.
Allaire commented on their public debut and SPAC merger deal and said,
“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. 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.”
The USDC stablecoin issued by Circle has become the fastest-growing stablecoin at $25 billion in circulation. USDC has grown over 3,400% in 2021 alone facilitating $785 billion in crypto transactions.
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