The firm behind the second largest stablecoin in market capital is pulling out of a multi-billion-dollar deal to go public.
An official announcement has indicated that Concord Acquisition Corp and Circle are ending any proposed business deal between them.
Concord Acquisition Corp. is a publicly traded acquisition company with a special purpose.
Bob Diamond, Chairman Concord Acquisition Corp said:
“Circle plays an important role in the disruption of financial services through blockchain technology. I am still confident in Circle’s regulatory first approach to building trust in the financial sector. I will continue to advocate for the company in its continued growth.”
The deal between the corporations to go public was estimated at $9 billion.
Both companies’ boards of directors approved the termination of their proposed agreement.
Jeremy Allaire, Concord co-founder and CEO of Says Circle said:
“Concord was a strong partner throughout this process and has added value. We will continue to receive advice and support from Bob Diamond and other Concord members. While we regret that the transaction was not completed, Circle’s core strategy to increase trust and transparency is still intact.
Circle had announced in early December that EuroCoinin (EUROC), an euro-pegged stablecoin, would be expanded to the Solana blockchain ( SOL).
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
