Circle acquires elements to power crypto payments
Global FinTech Circlethe issuer of USD Coin (USDC) and Euro Coin (EUROC), has signed an acquisition agreement for merchant and developer-first payments platform. Elements for undisclosed terms.
The acquisition is in line with Circle’s plan to accelerate crypto payments, a roadmap that was unveiled Converge 22 technology conference it sponsored held on 27–30 September in San Francisco, according to a press release Thursday (September 29).
Plans include rapidly scaling payment offerings to demonstrate the future value of crypto and make it easier for merchants to secure next-generation payments and financial services.
The new payment offerings make it easy for merchants to integrate their existing PSP relationships with Circle’s crypto payment offering.
See also: Circle, Robinhood partner to simplify, expand use of USDC
“We are very impressed with the Elements team for their work in taking the complexity out of crypto payments. Lowering barriers to entry for payments and financial services and establishing utility for dollar payments is at the core of Circle’s mission,” said Nikhil ChandhokCPO at Circle.
“Providing well-designed payment products that can facilitate seamless, efficient, frictionless and delightful customer experiences is key to empowering merchants to take advantage of these next-generation payment solutions,” Chandhok added.
More than $49 billion USDC is in circulation on Wednesday (28 September), the company said, and it has driven more than $5 trillion in on-chain transactions since its inception in 2018. It is a natural next step to develop a payment platform that enables merchants to accept USDC at the point of sale.
“Elements’ mission is to put more money in the hands of merchants. With Circle, we knew that the natural synergy of our business models would create an opportunity to deliver a seamless and affordable payment and settlement experience for merchants using a digital currency they can trust, said Nafis Jamalfounder and CEO of Elements.
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