Genesis and Circle are joining forces to speed up the process of connecting to the USDC in mainstream finance.
The FinTech Circle and Genesis, one of the largest providers of Krypto– Loans have announced a strategic partnership. The aim of the cooperation is to accelerate the acceptance of the stable coin USDC with corresponding services in mainstream finance, according to the Press release. The partnership includes an investment of $ 25 million from Genesis parent company Digital Currency Group (DCG).
Cooperation is the answer to quick Stable-Coin-Growth and an increasing demand for Financial services like yield or lending. According to Messari’s market forecasts, “the volume of on-chain transactions could increase Stable Coins approaching $ 600 billion this year. ” For comparison: PayPal’s payment volume is $ 712 billion.
Circle and Genesis consequently, the development of company-specific solutions that “enable the implementation of USDC for payment, trading and financial applications”. The $ 25 million investment is also expected to flow into expanding business accounts and platform services.
Michael Moro, CEO of Genesis, comments:
With the rapid rise of the USDC, we clearly see a general dynamic for digital currencies, and through this partnership with Circle, we believe that we can significantly advance our shared mission to build a new global financial system.
And Circle CEO Jeremy Allaire adds:
Combining Circle’s powerful capabilities with USDC payments and the enterprise platform infrastructure with Genesis’ global institutional underwriting capabilities will enable us to add significant value to companies that hold and use USDC as part of their business.