Circle's Arc Blockchain Launches with Industry Heavyweights on Board
Circle has launched Arc, a blockchain designed for industry use, with a launch planned for September.
The network has gained significant backing from leading payments organizations including Visa, Mastercard, BlackRock, MoneyGram, Standard Chartered, and Intercontinental Exchange.
Circle aims to make Arc the primary infrastructure for organizations, but achieving this will be challenging in a crowded market.
According to Joel Hugentobler, Cryptocurrency Analyst at Javelin Strategy & Research, 'The names behind Arc give it instant credibility, but does not automatically mean institutional adoption.' He adds that 'the real test is whether they can put meaningful payment, settlement, and even tokenized asset volume on the network.'
Circle has a strong foundation for this goal, thanks to its existing USDC stablecoin and recent acquisition of IBM's blockchain portfolio, which includes over 680 patent families and roughly 1,000 issued patents worldwide.