Fintech Circle terminates $9 bln deal with Bob Diamond-backed SPAC

Cryptocurrency operator Circle Internet Financial said on Monday it has decided to end a $9 billion deal with blank-check firm Concord Acquisition Corp , nearly ten months after an earlier agreement was amended.

Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration

Dec 5 - Cryptocurrency operator Circle Internet Financial said on Monday it has decided to end a $9 billion deal with blank-check firm Concord Acquisition Corp"We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle's core strategy to enhance trust and transparency, which has never been more important," said Jeremy Allaire, Co-Founder and Chief Executive Officer of Circle.

The company did not elaborate on its plans to go public. Circle is the principal operator of stablecoin USDC and reported a net income of $43 million and nearly $400 million in cash in the third quarter.

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