On Thursday, at the Converge22 event in San Francisco, Circle announced the acquisition of payment orchestration company Elements. Circle explained that the acquisition includes plans to “rapidly scale payment offerings.” Circle says the new service will make it easier for merchants to integrate their existing touchpoints with Circle’s crypto solutions.
Circle Unveils New Permissionless Cross-Chain Transfer Protocol at Converge22
This week Circle and a number of other crypto industry heavyweights attended the Converge22 event in San Francisco. During the conference, Circle made a number of announcements such as usd coin (USDC) support being added to the Robinhood Markets offerings. In addition to partnering with Robinhood, Circle also announced the company’s new “cross-chain transfer protocol to support USDC interoperability for developers [and] their users.”
“Cross-chain Transfer Protocol is permissionless and enables USDC to be sent natively across ecosystems, improving liquidity and reducing fragmentation of bridged assets,” Circle’s official Twitter account said on wednesday “Developers building wallets, bridges, payment apps, financial services tools [and] more will be able to deliver simple, cross-chain USDC transactions – simplifying the user experience and maximizing capital efficiency,” Rondo. added.
USDC Issuer Acquires Payment Services Firm Elements
The next day, Circle announced it acquired the payment service company Elements. Circle detailed that the acquisition “includes plans to rapidly scale payment offerings to unlock utility value for crypto and lower the barrier of entry for merchants to access next-gen payments and financial services.” Nikhil Chandhok, the chief product officer at Circle said the company was “very impressed with the Elements team.”
Crypto asset company and stablecoin issuer Circle further stated:
The new payment offerings make it easier for merchants to integrate their existing PSP relationships with Circle’s crypto payment offerings.
The news follows the market capitalization of the stablecoin usd coin (USDC) deflating by $6.7 billion in 83 days. In addition, both Binance and Wazirx recently automatically converted their client’s USDC holdings to the stablecoin asset. USD. In June, Circle revealed USDC Polygon support and it launched a stablecoin asset backed 1:1 with the euro on June 16. The company also partnered with New York Community Bancorp and disclosed that the holding company would hold USDC reserves.
“The mission of Elements is to put more money in the hands of merchants,” said Nafis Jamal, the founder and CEO of Elements during the announcement on September 29. “With Circle, we knew the natural synergy in our business models would create an opportunity to deliver a seamless and low-cost payments and settlement experience for merchants using a digital currency they can trust.”
What do you think about Circle’s acquisition of the payment services company Elements? Let us know what you think about this topic in the comments section below.
Image Credits: Shutterstock, Pixabay, WikiCommons, Images via Circle’s Twitter account.
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