MultiversX Tracker is Live!

Binance Takes $100m Stake in Circle Alongside Five-Year USDC Deal

Finance Magnates

Cryptocoins News / Finance Magnates 36 Views

Circle Internet Group and Binance have expanded their strategic partnership through a new five-year commercial agreement and a $100 million equity investment by Binance in Circle.

London's trading industry is coming home!

The move comes as USDC use expands beyond crypto trading. Circle received approval to establish a US national trust bank, while Marex began accepting USDC as collateral for certain derivatives transactions.

Binance has also expanded access to US stocks for users outside the US, with purchases funded using USDC, USDT and selected cryptocurrencies.

Binance Expands USDC Integration Across Markets

Under the new agreement, Binance will promote and integrate USDC across its platform, with a focus on emerging markets. Circle will provide infrastructure services supporting the holding and use of the stablecoin.

The companies did not disclose further financial terms of the five-year commercial agreement.

Circle CEO Jeremy Allaire said the partnership would expand access to dollar-based digital assets.

“Together, we see incredible opportunities to leverage USDC to expand dollar access,” Allaire said, referring to its potential use for savings, investment and payments in emerging markets.

Binance Takes Circle Stake with Restrictions

Separately, Binance made the $100 million investment through a private placement of Circle’s Class A common stock. The purchase price reflected a 5% discount to Circle’s market price before the transaction closed.

Binance has agreed not to transfer the shares for up to two years from the closing date, subject to customary exceptions.

Binance co-CEO Richard Teng said the investment was part of a longer-term relationship with Circle.

“Our $100 million investment and five-year commitment represent long-duration conviction,” Teng said.

The latest agreement builds on the companies’ existing relationship around USDC. It combines Binance’s distribution of the stablecoin with a direct equity investment in Circle.

This article was written by Tareq Sikder at www.financemagnates.com.
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.



Comments