Binance Invests $100M in Circle for Global USDC Expansion
Binance has invested $100 million in Circle Internet Group, Inc., expanding their strategic partnership to promote USDC across Binance's global platform. The new arrangement has a five-year term and includes Circle providing infrastructure services for holding and using USDC.
'Circle has earned its place as one of the most credible issuers in the world,' said Richard Teng, co-CEO of Binance. 'Our $100 million investment and five-year commitment represent long-duration conviction.'
The investment was made through a private placement at a purchase price reflecting a 5% discount to the market price of CRCL prior to closing.
Binance will promote USDC across its platform, especially in emerging markets, under the expanded partnership. Jeremy Allaire, Co-founder, Chairman and CEO of Circle, said 'Together, we see incredible opportunities to leverage USDC to expand dollar access, support savings and investment with innovative digital asset products, and reach people and businesses throughout global emerging markets.'