Circle Announces Acquisition of Elements to Accelerate Crypto Payments
Acquisition of developer-first payment platform to lower the barrier to entry for merchants and create a more seamless crypto payment experience
SAN FRANCISCO, 29 September 2022 /PRNewswire/ — On stage at Converge22 today, Circle announced an accelerated roadmap for crypto payments enhanced by the recent acquisition of Elements, a platform for orchestrating payments coming from merchants and developers. The announcement includes plans to rapidly scale payment offerings to unlock the utility of crypto and lower the barrier to entry for merchants to access 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.
“We are very impressed with the Elements team for their work in taking the complexity out of crypto payments,” said Nikhil ChandhokChief Product Officer of Circle, “Lowering barriers to entry for payments and financial services and establishing utility for dollar payments is at the core of Circle’s mission. 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.”
As the issuer of both USD Coin (USDC) and Euro Coin (EUROC), Circle is uniquely positioned to promote digital payments and an always-on financial system as native features of the internet. More than 49 billion dollars USDC is in circulation as of 28 September 2022and it has operated more than 5 trillion dollars in chain transactions since its inception in 2018. Creating a payment platform that allows merchants to accept USDC and other crypto payments at the point of sale is a natural evolution of the growing global use of digital currencies.
“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 ,” so Nafis Jamalfounder and CEO of Elements, “Today’s news is just the beginning of our shared mission to deliver world-class payment offerings and define the next generation of payments.”
Jamal and Hao Min, the co-founders of Elements, joined Chandhok on stage at Circle’s inaugural Converge22 conference to demonstrate Circle’s Crypto Payments API available in beta today, as well as the one-stop checkout SDK for crypto traders that will be available in Q4 2022 . Feel free to visit here to learn more about Circle’s Crypto Payments API.
About Circle
Circle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle operates always-on internet-based commerce and payments and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Today, Circle’s transaction services, business accounts and platform APIs give rise to a new generation of financial services and commerce applications that hold the promise of increasing global economic prosperity for all through the frictionless exchange of value. Learn more at https://circle.com.
SOURCE Circle Internet Financial, LLC
