The Guardian UK: Circle, the company behind digital currency USD Coin, is to float in the US in a $4.5bn (£3.27bn) merger deal with a company chaired by former Barclays chief executive Bob Diamond.
It will merge with Concord Acquisition Corp, which is chaired by Diamond, with the combined business to be taken over by a newly formed Irish holding company that will then list on the New York Stock Exchange. (Full article from the Guardian
here)
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Circle, the owner of USD Coin says its blockchain shows over $785 billion worth of trade. Bob Diamond is an ex-Chief Executive of Barclays Bank UK and now Chairman of Concord Acquisition Corp. Barclays part-funded Circle before it launched back in 2016 when Diamond was Chief Executive at the bank but that was then and this is now.
Does this acquisition make financial sense? Is the timing correct for this type of deal to go through especially after the US Internal Revenue Service served summons to Circle asking for information on US tax payers that traded at least $20,000 per year between 2016 and 2020.
