Circle Launches Cross-Chain Transfer Protocol, USDC Issuer Acquires Payment Orchestration Firm Elements – Bitcoin News

Circle, the San Francisco-based payment orchestration firm Elements, announced its acquisition on Thursday at Converge22. Circle explained that the acquisition includes plans to “quickly scale payment offerings.” Circle says the new service will make it easier for merchants to integrate their existing points of contact with Circle’s crypto solutions.

Circle unveils new permissionless cross-Chain transfer protocol at Converge22

Circle was among a host of crypto industry giants who attended Converge22 in San Francisco this week. During the conference, Circle has made a number of announcements like usd coin (USDC) support being added to Robinhood Markets’ offerings. Circle is also working with Robinhood. announced the firm’s new “cross-chain transfer protocol to support USDC interoperability for developers [and] their users.”

“Cross-Chain Transfer Protocol is permissionless and enables USDC to be sent natively across ecosystems, improving liquidity and reducing fragmentation of bridged assets,” Circle’s official Twitter account saidOn Wednesday. “Developers building wallets, bridges, payments apps, financial services tools [and] more will be able to deliver simple, cross-chain USDC transactions – simplifying the user experience and maximizing capital efficiency,” Circle added.

Circle Launches Cross-Chain Transfer Protocol, USDC Issuer Acquires Payment Orchestration Firm Elements
Circle, at Converge22 in San Francisco also revealed that USDC will be soon available on Near Protocol (Arbitrum, Cosmos), Near Protocol (Optimism) and Polkadot. Images courtesy of Circle’s Twitter account shared September 28.

USDC Issuer Acquires Payment Services Firm Elements

Circle announced the acquisition of Elements payment services provider on Monday. Circle detailed that the acquisition “includes plans to quickly scale payment offerings to unlock utility value for crypto and lower the barrier of entry for merchants to access next-gen payments and financial services.” Nikhil Chandhok, the chief product officer at Circle said that the company was “very impressed by the Elements team.”

Circle, a stablecoin-issuer and crypto asset company, further declared:

The new payment offerings make it simple for merchants to integrate their existing PSP relationships with Circle’s crypto payment offerings.

It comes as a result of USDC’s market capitalization (USDC) falling by $6.7B in only 83 days. Furthermore, both Binance and Wazirx recently auto-converted their customer’s USDC holdings into the stablecoin asset BUSD. Circle introduced USDC Polygon support on June 16, and it also launched a stablecoin asset, backed 1:1 by the euro. New York Community Bancorp partnered with Circle, and the holding company will be responsible for USDC reserves.

“Elements’ mission is to put more money into the hands of merchants,” Nafis Jamal, the founder and CEO at Elements said during the announcement on September 29. “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.”

This story contains tags
Bancorp, Binance and BUSD. Capital efficiency, chief product Officer, Circle Financial Conference, Converge22 Cross-Chain Transfer Protocol. euro coin (EUROC), Nafis Jamal. Nikhil Chandhok. Payment orchestration company. Polygon, Robinhood. San Francisco. usd coin. usd coins (USDC), USDC. Wazirx

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Jamie Redman

Jamie Redman is the News Lead for News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been an active member ever since. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 6000 articles to News since September 2015. These articles are about disruptive protocols that are emerging.

Image creditImages via Circle’s Twitter account.

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