Circle plans to become a bank

Traditional and crypto payment service company Circle is seeking a license to become a full-reserve national commercial bank.

To launch officially, the proposed bank will need approval from several institutions that regulate the sector, including the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, the US Treasury and the Office of the Comptroller of the Currency.

Circle stated its intentions in a blog post on Monday, explaining that it would assist top US financial regulators “to better manage the risk and opportunities posed by large-scale private-sector dollar digital currencies”.

No information has been revealed about whether Circle has already embarked on the process officially and whether the company is in touch with any institutions regarding its transition to a bank.

Meanwhile, the company is planning to go public through a special purpose acquisition company or SPAC. Based on that agreement, Circle is worth some $4.5bn.

Two milestones now loom on the horizon for the company which will seek a banking license as well as a public listing.

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Updated: 08/10/2021 — 11:00