The crypto payments giant Circle is in the crypto news today for the closing of its new acquisition of the popular crowdfunding platform SeedInvest, which is also a registered operator of a broker-dealer.
According to an official post on Circle’s blog published today, the ongoing acquisition started last year but progressed over the past month, allowing Circle to expand SeedInvest’s offerings in order to support cryptocurrencies such as fiat stablecoins, Bitcoin and other altcoins as well as issuing and offering tokenized securities.
Even though last year the acquisition was put on hold by the US-based Financial Industry Regulatory Authority (FINRA), it is currently completed. As soon as Circle obtained regulatory approval by the FINRA, the acqusition came to an end. The acquired company will continue to operate normally and will allow Circle to further explore the asset tokenization.
As the official stats published on the website show, SeedInvest has so far funded over 220 companies and has more than 260,000 users. The total investment made via the website has crossed the $115 million mark.
Meanwhile, Circle is still interested in raising $250 million of funding in a combination of equity and debt.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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