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Circle scales footprint in Bermuda, supports corporate treasury demand for yield

By Pavithra R

July 16, 2021

  • Bermuda
  • Circle
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Circle scales footprint in Bermuda, supports corporate treasury demand for yieldCircle, a global financial technology firm that provides payments and treasury infrastructure for digital businesses, has announced that it will increase operations in Bermuda as part of the company’s overall market expansion strategy and to support corporate treasury demand for yield.

Bermuda is long home to one of the world’s most important and innovative risk capital markets for the insurance, reinsurance and captive industry, with more than $100 bn in risk capital. Recently, the Bermuda Monetary Authority (BMA) expanded oversight of Circle’s Class F DABA license to include Circle Yield, a newly launched high yield offering that represents an important expansion of Circle’s products.

“Circle is the first fintech company ever to receive the BMA’s Class F (“Full”) DABA license and we are proud to deepen our commitment to Bermuda. Building on our strategic capital raise, we’ll be expanding operations in Bermuda, including opening an office, to support substantial corporate treasury demand for crypto assets and yield,” said Jeremy Allaire, Circle’s co-founder and CEO.

Circle’s expanded operations and support in Bermuda will include:

  • Key new hires including in compliance, operations, and service, that will support activities regulated in Bermuda and Circle’s growth around the world.
  • An initial investment of $100,000 supporting skills and talent development in fintech and digital assets for workers in Bermuda

“Bermuda is proud to be the home of Circle’s regulated crypto yield product, the first regulated product of its type in the world. Bermuda is powering the future of finance and companies like Circle are the types of companies we seek to attract to Bermuda’s Fintech ecosystem,” said Premier of Bermuda, the Hon. David Burt, JP, MP.

Founded in 2013, Circle is a global FinTech firm that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments and commerce worldwide. Recently, the firm entered into a definitive business combination agreement with Concord Acquisition Corp to become a publicly-traded company.

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