Circle, the company behind cryptocurrency USD Coin (USDC) is planning on going public via a SPAC.
SPACs (special purpose acquisition company) are companies startups merge with to go public. Merging with a SPAC is a popular alternative to an IPO, as there is less regulatory scrutiny and more control over valuation.
Circle is planning on going public by merging with a SPAC, according to a blog post by Jeremy Allaire, Co-Founder, Chairman and CEO.
I am writing to share with you an exciting and significant milestone in our journey as a company. Today we announced that we have entered into a definitive agreement that will result in Circle becoming a publicly traded company on the New York Stock Exchange (NYSE). We have accomplished this through a combination with Concord Acquisition Corp (“Concord”) (NYSE: CND.U), a publicly traded special purpose acquisition company.
Allaire paints the deal as another step in Circle’s mission to reinvent the world’s economic systems.
While this transaction, and the transformation of Circle into a global, publicly listed company is exciting in and of itself, it is merely a marker in our journey to transform the world’s economic system using internet-native technologies. We have a long way to go in pursuing our mission, and are incredibly grateful to each and every one of you for your support and engagement with Circle. We are also thrilled to partner with Concord’s executive and investment team, drawing on their decades of operating experience growing financial services businesses around the world.