Both crypto business valuations and SPAC mergers have performed poorly this year.
. USDC is currently the second largest stablecoin in circulation, with a market cap of $43 billion.
Under the terms of the agreements, Concord had until Dec. 10 to consummate the transaction or seek a shareholder vote for an extension. However, it appears that Concord chose to have the time limit lapse instead. As"Concord has been a strong partner and has added value throughout this process, and we will continue to benefit from the advice and support of Bob Diamond and the broader Concord team.
Circle further reiterated that it"became profitable in the third quarter of 2022, with total revenue and reserve interest income of $274 million and net income of $43 million." The company currently has $400 million in unrestricted cash. While the stakeholders didn't directly state the reason behind the deal's fallout, the ongoing crypto winter has led to a spiral of downward revisions for many companies' valuations. On top of that, SPAC mergers have also performed poorly, with the IPOX SPAC index benchmark falling over 40% since reaching all-time highs in February 2021. Likewise, Israeli cryptocurrency exchange eToro
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Circle and SPAC Concord mutually terminate business combinationCircle and Concord Acquisition Corp mutually ended their proposed business combination after the deal 'timed out.'
Read more »
Spac deal for stablecoin issuer Circle collapsesSpecial purpose acquisition company Concord Acquisition Corp. undefined said Monday its deal to buy stablecoin issuer Circle Internet Financial has been...
Read more »
Cameroon is first African team to beat Brazil at World CupCameroon coach Rigobert Song came full circle on a memorable and bittersweet night for African soccer.
Read more »
Cameroon is first African team to beat Brazil at World CupCameroon coach Rigobert Song came full circle on a memorable and bittersweet night for African soccer.
Read more »
Stablecoin Issuer Circle Cancels Plan to Go PublicUPDATE: The decision to cancel the agreement has been approved by the board of both circle and Concord Acquisition. By parikshitm899 and JamieCrawleyCD
Read more »
Kanye West Reportedly Boots Milo Yiannopoulos from Campaign TeamKanye West has cut loose at least one alt-right figure from his inner circle after a string of interviews that have blown up in his face.
Read more »