1 hr ago
Binance Invests $100 Million in Circle, Expands USDC Partnership
Binance is putting $100 million into Circle, the company behind the USDC stablecoin.
The two companies are also renewing a partnership for five years.
Binance will encourage people to use USDC on its worldwide platform.
This effort will especially target emerging markets.
Circle will provide the technology needed to hold and use USDC.
Binance says more than 300 million people use its platform.
Those users are spread across more than 100 countries.
The companies’ leaders presented the agreement as a long-term plan for digital payments and financial services.
Binance made a $100 million equity investment in Circle Internet Group on Tuesday.
The investment accompanies a renewed five-year strategic partnership focused on promoting USD Coin across Binance’s global platform.
Binance will promote USDC, particularly in emerging markets, while Circle will provide infrastructure supporting its storage and use.
Binance says it has more than 300 million users across over 100 countries.
Circle CEO Jeremy Allaire and Binance co-CEO Richard Teng described the partnership as a long-term commitment to digital-currency infrastructure.
- Who
- Binance and Circle Internet Group are the companies involved; Richard Teng and Jeremy Allaire commented on the agreement.
- What
- Binance made a $100 million equity investment in Circle and renewed a five-year partnership to promote USDC.
- Where
- The partnership covers Binance’s global platform, with particular emphasis on emerging markets.
- When
- The investment was announced on Tuesday.
- Why
- Binance will promote USDC, while Circle will provide infrastructure for holding and using the stablecoin.
Key facts
- Investment
- $100 million equity investment by Binance in Circle Internet Group
- Partnership term
- Five years
- Cryptocurrency
- USD Coin (USDC)
- Binance users
- More than 300 million
- Geographic reach
- More than 100 countries
- Binance’s role
- Promote USDC across its global platform, especially in emerging markets
- Circle’s role
- Provide infrastructure services supporting the holding and use of USDC
Quotes
Jeremy Allaire
Co-founder, chairman and CEO of Circle
“Circle has earned its place as one of the most credible issuers in the world spanning USDC, Arc and the infrastructure reshaping how value moves across borders. Our $100 million investment and five-year commitment represent long-duration conviction,”
m.rediff.com
“Binance has built one of the largest and most dynamic platforms in the world for using digital currency, creating the internet's largest financial super app,”
m.rediff.com
Sources
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