Circle's canceled SPAC signals that crypto contagion is real and spreading 🦠; Every major bank right now should copy Goldman Sachs. Here’s why 😎; Twitter Coin? 🐦🪙
FinTech is Eating the World, 8 December
Hey Everyone,
And happy Thursday! Today’s issue is super hot and heavily focused on all things crypto and digital assets. Today we are looking at Circle's canceled SPAC, which signals that crypto contagion is real and spreading, why every major bank right now should copy Goldman Sachs (their strategy is brilliant!), and look at the Twitter Coin (& why their Super App doesn’t sound that utopic). Let’s jump straight into the fascinating stuff:
Circle's canceled SPAC signals that crypto contagion is real and spreading 🦠
The news 🗞 Circle Internet Financial or just Circle, the issuer of the USDC stablecoin, has pulled the plug on its planned SPAC deal with Concord Acquisition Corp.
The parties say they have mutually terminated the deal, which was first outlined last July before being amended in February at double the valuation.
More on this 👉 Circle’s stablecoin, USDC, tracks the US dollar (1 USDC = $1), and the company says it’s 100% backed by cash and US Treasuries. It’s the second-largest stablecoin by market cap (after Tether) with $43B in circulation.
In their investor presentation back in June 2021 for the now-canceled NYSE listing Circle mentioned both FTX and Genesis as part of marquee accounts & partners.
It recently said it had minimal financial exposure to FTX.
Why is this important? 🤔 First and foremost, it’s clear that the current environment is definitely not the best time to go public. But more importantly, Circle's canceled SPAC speaks about the crypto contagion, which is real and spreading.
Here’s more on that + the takeaway: