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Circle, the fintech firm responsible for the development of the USDC stablecoin, has announced that it will be going public on the New York Stock Exchange (NYSE). The company said that it  would go public through a merger with blank-check company Concord Acquisition Corp, in a deal valued at $4.5 billion.

According to the announcement, the fintech firm has entered into a definitive business combination agreement with Concord Acquisition Corp, a publicly traded special purpose acquisition company (SPAC). Under the agreement, a new Irish holding company will acquire both Concord and Circle and become a publicly-traded company that is expected to trade on the NYSE under the symbol “CRCL”. 

“Circle was founded with a mission to transform the global economic system through the power of digital currencies and the open internet. We’ve made huge strides towards realizing this vision, and through this strategic transaction and ultimate public debut, 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.” Said Jeremy Allaire, Circle’s co-founder and CEO “

The deal is supported by $415 million of capital commitments at $10.00 per share, with participation from top-tier institutional investors including Marshall Wace LLP, Fidelity Management & Research Company LLC and Adage Capital Management LP.

Upon completion, all Circle shareholders will retain approximately 86% ownership of the company, with the co-founder and CEO, Jeremy Allaire, retaining his position.

Feature image by Jakub Iskra from flickr

Andrew is a law student currently studying at UNISA, and Global Crypto's in-house reporter. Andrew discovered blockchain in his final year of school and since developed a keen interest in the subject. He appreciates a good cup of coffee. When he is not too busy with work or studies, he enjoys playing a good round of golf.