Circle Launches Cross-Chain Transfer Protocol, USDC Issuer Gets Elements of Payment Orchestration Firm – Bitcoin News
At the Converge22 event in San Francisco on Thursday, Circle announced the acquisition of payment orchestration company Elements. Circle said the acquisition includes plans to “expand its payment services rapidly.” According to Circle, the new service will allow merchants to easily integrate their existing touchpoints with Circle’s cryptocurrency solution.
Circle announces new permissionless cross-chain transfer protocol at Converge22
The Converge22 event in San Francisco this week was attended by Circle and many other crypto industry heavyweights. During the conference, Circle made many announcements, including adding support for USD Coin (USDC) to its Robinhood Markets offering.In addition to partnering with Robinhood, Circle also announced The company’s new “cross-chain transfer protocol” to support USDC interoperability for developers [and] their users. ”
“The cross-chain transfer protocol is permissionless and allows USDC to be sent natively across the ecosystem, increasing liquidity and reducing fragmentation of bridged assets,” said Circle’s official Twitter account. Said on wednesday. “Developers building wallets, bridges, payment apps and financial services tools [and] More companies will be able to offer simple cross-chain USDC transactions, simplifying the user experience and maximizing capital efficiency,” said Circle. Added.
USDC Issuer Acquires Payment Services Firm Element
The next day, Circle announced that it had acquired payment services company Elements. Circle said the acquisition “includes plans to rapidly expand payment services to unlock the utility of cryptocurrencies and lower the barriers to entry for merchants to access the next generation of payments and financial services. ” detailed. Nikhil Chandhok, Circle’s chief product officer, said the company was “very impressed with the Elements team.”
Crypto firm and stablecoin issuer Circle further stated:
The new payment service will allow merchants to easily integrate their existing PSP relationships with Circle’s crypto payment services.
The news follows the market cap of the stablecoin US Dollar Coin (USDC), which fell by $6.7 billion in 83 days. Additionally, Binance and Wazirx recently auto-converted a client’s USDC holdings into the stablecoin asset BUSD. In June, Circle revealed its support for USDC Polygon, launching a stablecoin asset backed 1:1 against the euro on June 16th. The company has also partnered with New York Community Bancorp to reveal that the holding company will manage the USDC reserve.
“Elements’ mission is to put more money in the hands of merchants,” said Elements founder and CEO Nafis Jamal in a September 29 announcement. Provide your merchants with a seamless, low-cost payment and settlement experience using trusted digital currencies. ”
What do you think about Circle’s acquisition of payment services company Elements? Let us know what you think about the matter in the comments section below.
image credit: Images from Shutterstock, Pixabay, Wiki Commons, and Circle Twitter accounts.
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Circle Launches Cross-Chain Transfer Protocol, USDC Issuer Gets Elements of Payment Orchestration Firm – Bitcoin News
Source link Circle Launches Cross-Chain Transfer Protocol, USDC Issuer Gets Elements of Payment Orchestration Firm – Bitcoin News
