Circle to Go Public in $4.5B SPAC Deal | Bitcoin Review #8
40m
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SkyBridge Bitcoin Review
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Cryptocurrency firm Circle announced last week it plans to become a public company by merging with a SPAC, Concord Acquisition Corp, backed by former Barclays executive Bob Diamond. The deal values the company at $4.5 billion and includes $415 in PIPE financing. In its prior round, Circle had raised $440 million, bringing its total its war chest to $1.1 billion.
Circle is the entity behind USDC, the fast-growing stablecoin. While concerns about the reserves and transparency of Tether persist, USDC has grown by 3,400% in 2021 alone. There are now $25 billion USDC in circulation, up from $1 billion a year ago, and according to recent disclosures, Circle projects circulation of nearly $200 billion by the end of 2023. The company sees its total long-term addressable market is the entire global money supply, or $130 trillion.
Right now, USDC is only Circle's second-highest grossing business line behind treasury and transaction services, where it counts Dapper Labs and FTX among its biggest customers. But CEO Jeremy Allaire sees the stablecoin as its defining franchise. In addition to using the fresh capital to scale the business, he sought a public listing in order to increase the level of transparency around USDC. As opposed to Tether, which still has yet to be fully audited, USDC will provide a transparent look into the composition of its reserves with every SEC public filing, offering the same level of scrutiny of any bank or payments company.
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Registration for SALT New York is now open! Join us September 13-15, 2021 and sign up at https://register.salt.org/event/411f76d9-c215-4719-9bc4-8dfac6cfacdd/summary
Watch this video on YouTube: https://youtu.be/xJcJ-2tNqWQ
Moderated by Anthony Scaramucci, John Darsie and Brett Messing. Developed, created and produced by SALT Venture Group, LLC.
The episode Circle to Go Public in $4.5B SPAC Deal | Bitcoin Review #8 from the podcast SkyBridge Bitcoin Review has a duration of
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——————————————————————
Registration for SALT New York is now open! Join us September 13-15, 2021 and sign up at https://register.salt.org/event/411f76d9-c215-4719-9bc4-8dfac6cfacdd/summary
Watch this video on YouTube: https://youtu.be/XExsfyYQ0Rs
Moderated by Anthony Scaramucci, John Darsie and Brett Messing. Developed, created and produced by SALT Venture Group, LLC.
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Circle is the entity behind USDC, the fast-growing stablecoin. While concerns about the reserves and transparency of Tether persist, USDC has grown by 3,400% in 2021 alone. There are now $25 billion USDC in circulation, up from $1 billion a year ago, and according to recent disclosures, Circle projects circulation of nearly $200 billion by the end of 2023. The company sees its total long-term addressable market is the entire global money supply, or $130 trillion.
Right now, USDC is only Circle's second-highest grossing business line behind treasury and transaction services, where it counts Dapper Labs and FTX among its biggest customers. But CEO Jeremy Allaire sees the stablecoin as its defining franchise. In addition to using the fresh capital to scale the business, he sought a public listing in order to increase the level of transparency around USDC. As opposed to Tether, which still has yet to be fully audited, USDC will provide a transparent look into the composition of its reserves with every SEC public filing, offering the same level of scrutiny of any bank or payments company.
——————————————————————
Registration for SALT New York is now open! Join us September 13-15, 2021 and sign up at https://register.salt.org/event/411f76d9-c215-4719-9bc4-8dfac6cfacdd/summary
Watch this video on YouTube: https://youtu.be/xJcJ-2tNqWQ
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——————————————————————
Registration for SALT New York is now open! Join us September 13-15, 2021 and sign up at https://register.salt.org/event/411f76d9-c215-4719-9bc4-8dfac6cfacdd/summary
Watch this video on YouTube: https://youtu.be/hqBetBKRUfM
Moderated by Anthony Scaramucci, John Darsie and Brett Messing. Developed, created and produced by SALT Venture Group, LLC.
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Registration for SALT New York is now open! Join us September 13-15, 2021 and sign up at https://register.salt.org/event/411f76d9-c215-4719-9bc4-8dfac6cfacdd/summary
Watch this video on YouTube: https://youtu.be/Fn9W7rMI16k
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The Bitcoin network is currently going through an important transition. Only last month, an estimated 70% of global hash power emanated from Chinese miners. However, following China's recent aggressive crackdown on all things crypto, more than 90% of Chinese Bitcoin mining has already gone offline. Mining equipment is quickly being shipped to foreign locales, ranging from North America to Kazakhstan, but the short-term effect on hash power has been dramatic.
——————————————————————
Registration for SALT New York is now open! Join us September 13-15, 2021 and sign up at https://register.salt.org/event/411f76d9-c215-4719-9bc4-8dfac6cfacdd/summary
Watch this video on YouTube: https://youtu.be/Fn9W7rMI16k
Moderated by Anthony Scaramucci, John Darsie and Brett Messing.