The company behind the second-largest stablecoin by market cap is pulling billions of dollars in deals to go public.
According to an official announcement, Circle and Concord Acquisition Corp are mutually Ending A proposed commercial transaction between two groups.
Concord Acquisition Corp is a publicly traded, special purpose acquisition company.
Circle’s Bob Diamond, Chairman of Concord Acquisition Corp.
“Circle is playing a key role in disrupting financial services with blockchain.
As important as ever, I remain confident in Circle’s regulation-first approach to building trust and transparency in the financial industry and remain an advocate for the company as it continues to grow. ”
The proposed deal to go public between the two companies was reportedly worth $9 billion.
The boards of both companies have reportedly approved the proposed termination of the deal.
Circle co-founder and CEO Jeremy Allaire of Concord said:
“Concord has been a strong partner and has provided added value throughout this process and we will continue to benefit from the advice and support of Bob Diamond and the wider Concord team. We regret that becoming a public company remains part of Circle’s core strategy to foster trust and transparency, and this has never been more important.”
Earlier last month, Circle announced EuroCoin (EUROC) expands its euro-pegged stablecoin, Solana (Sol) blockchain.
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/flavo_art