The Boston-based crypto financial company Circle has announced the firm plans to go public this year in a merger with Concord Acquisition Corp. Circle revealed the news on Thursday and noted that the company expects to close the deal in Q4 with a valuation of $4.5 billion.
Circle Announces SPAC Deal With Plans to Go Public
The payments technology company Circle founded by Sean Neville and Jeremy Allaire in 2013 plans to go public soon. The company headquartered in Boston, Massachusetts has operated numerous services during the last eight years and more recently it launched the usd coin (USDC) with Coinbase and the Centre consortium.
For a small period of time Circle also owned Poloniex and then sold the exchange, and Circle sold the digital asset trading platform to Voyager Digital in February 2020 as well. Circle was the first company in New York to receive the Bitlicense back in September 2015 and now the company plans to leverage a special purpose acquisition company (SPAC) merger to get listed.
The deal should be settled by the fourth quarter of 2021, and Circle expects the company will net a valuation of $4.5 billion. On Thursday, Circle CEO Jeremy Allaire discussed the subject with CNBC’s Squawk Box broadcast.
“We just see an incredible opportunity to grow rapidly and grow around the world, and we think that this set of transactions and becoming a public company really sets us up to be a trusted platform in this digital currency industry,” Allaire remarked on the show.