The Circle crypta group gives up the 9 billion dollar deal to go to the stock exchange via Bob Diamonds Spac

The Stablecoin Group Circle has given up its plans to go to the stock exchange with a 9 billion dollar deal via a blank checks company, chaired by the former CEO of Barclays, Bob Diamond, which, as successive crises, shaked the cryptos sector.

The connection that was originally forged during the crypto bull market in July 2021 and expanded at the beginning of this year strived to evaluate $ 7.65 billion and $ 9 billion. Circle and Concord Acquisition, Diamond's acquisition company listed in the USA, announced on Monday that they had “agreed” to end the merger.

The collapse of the circle deal took place after the failure of the digital asset exchange FTX sent shock waves through the sector in November and a crypto industry was released, which was already under pressure due to rising interest rates and a number of insolvencies of well-known companies.

Until December 10th,

Concord had time to complete the deal to buy circle, which would have brought the latter to the New York stock exchange.

"We are disappointed that the planned transaction has expired, but the conversion to a stock corporation remains part of Circle's core strategy in order to strengthen trust and transparency, which has never been so important," said Jeremy Allaire, Chief Executive by Circle. Diamond added that "he will continue to be a lawyer for the company while it continues to grow".

from Circle Coin is the second largest stable coin on the cryptom market with an assessment of around 43 billion

StableCoins play a key role in the connection of traditional and crypto markets, with most of the value of an important currency such as the dollar. Crypto retailers use cash between the bets. Stablecoin operators usually earn interest on traditional assets on which their tokens are based, with a higher offer increasing in circulation. The group announced on Monday that in the third quarter of this year they achieved a net profit of $ 43 million in income and interest income of $ 274 million.

Many listed groups in the crypto industry have come under great pressure this year. The stocks of the Coinbase stock exchange listed in the USA crashed by around 80 percent in 2022, while the shares of the Galaxy Digital investment group fell by Mike Novogratz by 81 percent this year.

Wider market turbulence has hit other important actors in the crypto industry, including the broker Genesis, which stopped the payments from his credit program last month, and the Blockfi loan platform, which followed FTX in bankruptcy.

days after the bankruptcy of FTX said Circle that it was only a minimal commitment to FTX and the sister trade company Alameda Research. At the beginning of 2021, the company made a capital investment of USD $ 10 million in FTX and an investment of $ 600,000 in FTX US.