It was during the Converge22 event held this week in San Francisco that Circle announced the acquisition of Elements. He took advantage of this conference to present his new cryptocurrency payments roadmap in which Elements, an integrated payments specialist for e-merchants, plays a key role.
An acquisition to increase cryptocurrency payments
Building on its position as a stablecoin issuer, this acquisition is in line with Circle’s goal of rapidly expanding its cryptocurrency payment offerings.
In addition, the USDC broadcaster intends to bring real added value to e-merchants. By lowering the barriers to entry, they can access next-generation payments and financial services. This is confirmed Nafis Jamal, Founder and CEO of Elements :
” 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 the opportunity to deliver a seamless, low-cost payment and settlement experience for merchants using a digital currency they can trust.“.
By integrating a payment orchestration platform into its ecosystem, Circle opens up new possibilities for expansion with Elements. From this point of view, this is a real plus in a hyper-competitive stablecoin environment.
While Circle’s management does not hide their satisfaction with the acquisition of Elements, the company has not communicated the terms.
Acquisition of Elements: a tree that hides the forest
The announcement of the acquisition of Elements wasn’t Circle’s only surprise at Converge22. Therefore, the company made several other announcements. Among the latter is a strategic partnership with Robinhood, which will now integrate USDC into its offering.
Additionally, Circle hopes to make its cryptocurrency available on five platforms: Arbitrum, Cosmos, NEARProtocol, OptimismFND, and Polkadot.
Separately, Circle also unveiled its new permissionless cross-chain transfer protocol. Indeed, it will enable USDC interoperability for developers and users. The twitter account company officer:
“ Developers building wallets, gateways, payment applications, financial services tools, and more will be able to perform simple, cross-chain USDC transactions, simplifying the user experience and maximizing transaction efficiency. “
Circle offers an acquisition to satisfy its crypto ambitions. However, this is not the company’s first rodeo in this area. We recall the acquisition of Poloniex in 2018 to compete with Coinbase. This had left a bad taste in Circle’s mouth. Indeed, Poloniex had gotten out of hand later, preferring to marry a group of Asian investors. Hopefully this time Circle will have its happy ending with Elements.
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As a finance professional, I consider blockchain a real revolution thanks to all its innovations that have a global impact. It is with passion that I participate in this new digital era through my articles.