Circles have announced that it plans to become a government agency. The cryptocurrency firm will merge with a Spec Concord Acquisition Corps. The circle is better known as one of the founding members of the Centre’s consortium, including Coinbase. Along with other crypto partners, they have issued USD Coin (USDC), a popular stabilizer. A SPAC is a publicly-traded blank-check company. Attachment to a SPAC has become a popular way for technology companies to become publicly listed companies.
According to Circles, this deal should be worth the company $4.5 billion. Investors involved in the merger have pledged $415 million in PIPE funding. The company has recently raised $440 million in capital. In other words, through the merger, the circle will have a lot of capital in its hands. Created in 2013, the company originally wanted to create a mainstream bitcoin payment platform. But the company later moved on to creating a social payment application. Underneath the circle hood has become a kind of Venmo clone with some blockchain technology one at a time, circles have even removed the ability to send and receive bitcoins.
“We never thought of ourselves as a bitcoin startup. The media must have categorized us that way because we were connected to technology. Since the day we founded the company three years ago, we have focused on trying to create a new consumer finance company. And the Internet works the way it makes money,” Jeremy Allayer, co-founder and CEO of Circle, told Natasha Lomas of TechCrunch in 2011. Although that consumer did not stop the game, it is interesting to note that Alydar had already considered removing the program-based money.
In 2017 and 2018, the company was again introduced to focus on cryptocurrencies. It has launched an over-the-counter trading desk for large cryptocurrency investors. It acquired Poloniex, one of the largest cryptocurrency exchanges in the United States. It has also launched Circle Invest, a really simple mobile application that lets you buy and sell a handful of crypto assets. But the most promising product in the circle is it’s stable – the US coin, or USDC for short.