USD Coin’s Circle Going Public via SPAC
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.