Circle to Boost Crypto Payments Adoption with Elements Acquisition
Circle on Thursday revealed an expedited crypto payments strategy today on stage at Converge22, bolstered by the recent acquisition of Elements, a merchant and developer-first payments orchestration platform. The announcement includes intentions to rapidly grow payment offerings in order to unlock utility value for cryptocurrency and lower the barrier to entry for merchants seeking to access next-generation payments and financial services.
Merchants may easily combine their existing PSP relationships with Circle’s crypto payment offers thanks to the new payment offerings.
Circle is well positioned to promote digital payments and an always-on financial system as native elements of the internet as the issuer of both USD Coin (USDC) and Euro Coin (EUROC). As of September 28, 2022, there are more than $49 billion USDC in circulation, and it has driven more than $5 trillion in on-chain transactions since its debut in 2018. Developing a payments network that allows retailers to take USDC and other crypto payments at the point-of-sale is a logical next step in the expanding global use of digital currencies.
Nikhil Chandhok, Chief Product Officer at Circle, said:
“We are very impressed by the Elements team for their work in taking the complexity out of crypto payments. Lowering barriers of entry for payments and financial services and establishing dollar payments utility are core to Circle’s mission. Providing well-designed payment products that can facilitate seamless, efficient, frictionless and delightful customer experiences are key to empowering merchants to take advantage of these next-gen payment solutions.”
Elements Founder and CEO, Nafis Jamal, added:
“Elements’ mission is to put more money into the hands of merchants. With Circle, we knew the natural synergy in our business models would create an opportunity to deliver a seamless and low cost payments and settlement experience for merchants using a digital currency they can trust. Today’s news is only the beginning of our joint mission to deliver first-class payments offerings and define the next generation of payments.”
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Source: igaming
