Circle, a financial technology company, has declared that it will go after Coinbase by doing public listing via a precise business consolidation affiliation with Concord Acquisition Corp in Q4 of this year.
Circle to turn into the second crypto firm for publicly listing
A categorical business collision between Circle and Concord (Concord Acquisition Corp) is expected, as stated by the announcement. NYSE (New York Stock Exchange) has already listed Concord. The latest Irish company for crypto holdings will be developed through the cooperation of both firms. The newly developed company will trade on NYSE beneath the logo ‘CRCL’.
The reflection of CEOs on the agreement
Bob Diamond, Atlas Merchant Capital’s chief executive officer and Concord’s chairman, labelled Circle as an appropriate initiator of the recognized cryptocurrencies. He also mentioned that Circle is crucial for the financial system all over the globe. With the development of tremendously innovative blockchain-based services and products which work within the perimeters imposed by the regulatory, Circle has acquired a remarkably effective prestige. The firm is placed as one among the most prominent organizations around the world, in the case of bringing an evolution in the finance, through the factors such as its record of statistics regarding delivery, an excellent group of people leading it, and an enthusiasm for the further advancement.
Jeremy Allaire, the CEO of Circle, expressed his joyous feelings about the expected partnership to be announced publically. He also echoed the target of the firm, which is to transform the economic system all over the world through an open internet and crypto trading. Allaire revealed that the firm had incorporated several innovations in the past, and the new moves like public debut are the radical phases in its further expansion. He added that the relationships like the current partnership are required for the development of an effective and open global system of economy, and the firm is taking initiatives in this respect. He exclaimed that they are excited about having the companionship of the investment and the executive team of Concord as an opportunity to take benefit from their long-term experience with crypto financial services.
The institutional investors, including Ark Investment Management and Marshall Wace, have supported the step by making the capital commitments valuing over $4.15M.