Cryptocurrency company Circle becoming a publicly traded company, the Financial Action Task Force releasing its second 12-month crypto guidance review, and tech entrepreneur Jack Dorsey developing a hardware wallet for bitcoin with payment service provider Square.
Circle becoming a publicly traded company
On July 8, cryptocurrency company Circle announced that they have entered into a definitive agreement that will result in becoming a publicly traded company on the New York Stock Exchange (NYSE). Circle is known as one of the founding members of the Centre consortium with crypto trading platform Coinbase. The cryptocurrency company will merge with the special purpose acquisition company (SPAC) Concord Acquisition Corp. For tech companies merging with a SPAC is a popular way to become a publicly listed company. The deal values the company at $4.5 billion dollars. According to Circle, through the combination of their recently completed financing, the SPAC and associated PIPE financing, Circle will have raised more than $1.1B in capital. Once the transaction is closed, Circle is expected to trade on the New York Stock Exchange (NYSE) under the symbol “CRCL”.
FATF released its second 12-month review
On July 5, the Financial Action Task Force (FATF) released its second 12-month crypto guidance review. The first report showed that public and private sectors had made progress in implementing the revised FATF standards. Nevertheless, it also found that there was lots of room for improvement to globally implement the FATF-Standards globally. Thus, this second review focuses on how jurisdictions and the private sector have implemented the revised standards since the first 12-month review. All in all, the document discusses the FATF´s work on virtual assets since July last year, and both the jurisdiction’s and the private sector´s progress in implementing the revised FATF standards including the travel rule. Moreover, it reflects the changements in ML/TF risks and the virtual asset market since July last year and points out the main issues in implementing the revised FATF standards.
Square implementing a bitcoin hardware wallet
Jack Dorsey, CEO and co-Founder of Twitter and CEO of payment service provider Square tweeted on the company’s plans to develop a hardware wallet for bitcoin. Square wants to ensure that self-custody becomes the new standard for crypto investors with its own hardware wallet. They want to develop the wallet from open source software and hardware in collaboration with the community. With this step, Square would contribute decisively to making Bitcoin custody suitable for large-scale usage.
And more exciting news from around the world:
- The winners of Twitter´s NFT giveaway have formed an organization to maximize the value of their collectibles.
- Bank of America launched a new research team to cover the cryptocurrency market.
- Tendermint is creating a crypto app store called Emeris, allowing access to a range of decentralized applications (dapps), no matter what blockchain they run on. The release of the Emeris beta version is planned for this month.
It was a great week for blockchain technology. Follow us for more exciting news and be part of the blockchain revolution by joining our BLOCKCHANCE EUROPE 2021 conference in Hamburg in December 2021. You can get tickets here.