Circle, the company behind the USDC stablecoin, plans to become public via a business combination with Concord Acquisition Corp. The Boston-based fintech company said in a press release that as part of the agreement a new Irish holding company will acquire both Concord and Circle and become a publicly-traded company.
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Jeremy Allaire, Circle's Co-Founder and CEO, says the deal will help Circle to build a"global-scale internet financial services company." The deal between Circle and Concord is expected to close in Q4 2021 as it is still a subject to approval by shareholders of the both companies and other customary closing conditions, including any applicable regulatory approvals.
The move comes after Circle announced the closure of a $440 million funding round. The company raised funds from Fidelity Management and Research Company, Marshall Wace, Willett Advisors, Digital Currency Group, FTX, and many others.
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