Circle Buys Elements to Speed Crypto Payments
Circle says its acquisition of developer-first payments platform Elements will lower the barrier of entry for merchants and create a more seamless crypto payments experience.
Circle has announced an accelerated crypto payments roadmap enhanced by its recent purchase of Elements, a merchant and developer-first payments orchestration platform. The company says it plans to quickly scale payment offerings to unlock utility value for crypto and lower the barrier of entry for merchants to access next-gen web3 payments and financial services.
The new payment offerings make it simple for merchants to integrate their existing PSP relationships with Circle’s crypto payment offerings.
"Lowering barriers of entry for payments and financial services and establishing dollar payments utility are core to Circle’s mission," says Circle Chief Product Officer Nikhil Chandhok, who credits Elements’ significant work on Payment Service Provider integrations so far. "Providing well-designed payment products that can facilitate seamless and efficient customer experiences are key to empowering merchants to take advantage of these next-gen payment solutions."
As the issuer of both USD Coin (USDC) and Euro Coin (EUROC), Circle believes it is uniquely positioned to promote digital payments and an always-on financial system as native features of the internet. More than $49 billion USDC is in circulation as of Sept. 28, 2022, and it has powered more than $5 trillion in on-chain transactions since its 2018 inception. Creating a payments platform that allows merchants to accept USDC and other crypto payments at the point-of-sale is a natural progression of the growing global adoption of digital currencies.
"Elements’ mission is to put more money into the hands of merchants. With Circle, we knew the natural synergy in our business models would create an opportunity to deliver a seamless and low cost payments and settlement experience for merchants using a digital currency they can trust," said Nafis Jamal, Founder and CEO at Elements, "Today’s news is only the beginning of our joint mission to deliver first-class payments offerings and define the next generation of payments."
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