https://ift.tt/ds7OcaY Issuer Circle Valued at $9 Billion, Aims to Go Public by December 2022

Circle Internet Financial is a finance firm that’s best known for being the issuer of the second-biggest stablecoin by total market capitalization – USDC. Now, the company reports that it’s valued at a whopping $9 billion.

• According to a press release from today, February 17th, Circle is now valued at $9 billion.
• The company announced that it has terminated its existing business combination and agreed to a new deal with Concord Acquisition Corp, ticked CND on the New York Stock Exchange, and representing a SPAC (special acquisition company.)
• Based on the new agreement, the value of Circle is set at the above number – up 100% from July 2021, when it was originally determined to be $4.5 billion.
• The release reads that the increase reflects improvements in the company’s financial and competitive position.
• Speaking on the matter was Jeremy Allaire – Co-Founder and CEO at Circle, who said:

Circle has made massive strides toward transforming the globale conomic system through the power of digital currencies and the open internet. […] Being a public company will further strengthen trust and confidence in Circle and is a critical milestone as we continue our mission to build a more inclusive financial ecosystem. Making this journey with Concord under our new agreement is a strategic accelerator.

• Morever, the release revealed that the new agreement has an initial outside date of December 8, 2022, but it could be extended to January 31, 2023.
• The new publicly-traded business is expected to go live on the New York Stock Exchange under the CRCL ticker.