The companies have entered into a new, five-year commercial agreement focused on expanding USDC access across emerging markets. Further, Binance has made a USD 100 million strategic equity investment in Circle.

Circle is working to create a foundation for a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications.

Circle’s platform includes the world’s largest stablecoin network anchored by USDC, the Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet.

“Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation,” the venture stated further.

Under the new agreement, Binance will accelerate the promotion, awareness, and integration of USDC on its platform, especially across emerging markets, and Circle will provide the infrastructure services that support holding and using USDC.

“Binance has built one of the largest and most dynamic platforms in the world for using digital currency, creating the internet’s largest financial super app, and becoming the most widely used wallet in the world for dollar stablecoins,” said Jeremy Allaire, co-founder, Chairman and CEO of Circle.

“Together, we see incredible opportunities to leverage USDC to expand dollar access, support savings and investment with innovative digital asset products, and reach people and businesses throughout global emerging markets,” he added further.

Binance’s equity investment in Circle was made through a private placement of Class A common stock at a purchase price reflecting a 5% discount to the market price of CRCL prior to closing.

Binance has agreed not to transfer the shares for a period of up to two years from the closing date, subject to customary exceptions.

“Circle has earned its place as one of the most credible issuers in the world, spanning USDC, Arc, and the infrastructure reshaping how value moves across borders. Our $100 million investment and five-year commitment represent long-duration conviction,” said Richard Teng, co-CEO of Binance.

“We are helping to build a more inclusive, transparent, and compliant digital economy. A stable, trusted digital dollar should not be a privilege—it should be available to anyone with a phone. That’s the future this partnership is designed to deliver,” Teng concluded.

The post Binance invests USD 100 million in Circle, expands strategic ties for five more years appeared first on International Finance.

Ever since it was launched as open source code in 2009, there have been a raft of predictions that bitcoin would mean the end of traditional banking as we know it. While it is yet to reach those anticipated heights eight years on, there are however a number of signs that its popularity is on the rise.

In recent months the cryptocurrency has hit record values, while there have also been reports of developers asking to be paid in it after working on major projects. It has even broken into the entertainment and gaming world, with people now having the chance to spin away on online slots on dedicated bitcoin-only casino sites such as Bitcoin.io, which also offers sports betting and other traditional casino games.

So, with bitcoin seemingly being more popular than ever, what are the major traditional banks doing in response? Well, if recent developments are anything to go by, some are simply embracing the change.

Earlier this month, it was announced that Barclays has become the first major British bank to partner with a digital currency firm. The company in question is Circle, the organisation behind a social payment app which is based on the technology which powers bitcoin – blockchain. For the uninitiated, the concept of blockchain operates like a digital ledger and stores details of every bitcoin transaction made, meaning it prevents bitcoin from being spent more than once.

The technology also allows users to transfer funds without incurring fees, which is the reason why Circle uses it. In addition to this, Circle also allows people to add messages and even emojis to their money transfers when using the app. The partnership with Barclays means Circle now has the infrastructure to operate in the UK, while it has also become the first digital currency company to be granted an e-money licence from the Financial Conduct Authority.

While the news is clearly significant, it perhaps should not be too surprising. After all, the World Economic Forum has outlined before how blockchain technology could revolutionise a range of industries, with it having the ability to support any kind of transaction involving money or goods.The technology also allows users to transfer funds without incurring fees, which is the reason why Circle uses it. In addition to this, Circle also allows people to add messages and even emojis to their money transfers when using the app. The partnership with Barclays means Circle now has the infrastructure to operate in the UK, while it has also become the first digital currency company to be granted an e-money licence from the Financial Conduct Authority.

In addition, reports of the Barclays partnership have come weeks after the Canadian government confirmed it was working with private sector companies including SAP, IBM and PepsiCo to launch the Blockchain Research Institute in Toronto. The facility has been established to encourage a collaborative approach to creating blockchain-based economies across the world, with SAP’s chief innovation officer Juergen Mueller even describing the concept as “a transformative technology for businesses”.

It is quite clearly evident that interest in blockchain is sky high, but Barclays’ move to become the first UK bank to embrace the concept has put the financial institution ahead of the game when it comes to the banking sector.

While it is hard to bet against others following them into this area, can this development be seen as another step towards traditional banks embracing bitcoin? That may still be a long way off, but it is going to be fascinating to watch how new, innovative technologies continue to change the way both consumers and businesses interact with money.

The post Is Circle the first clear sign of banks embracing blockchain? appeared first on International Finance.

April 14, 2016: Saxo Payments, the global transactions services provider, is starting a new partnership with currency broker and international payments solution provider, FC Exchange. Under the new agreement, the Saxo Payments Banking Circle will help FC Exchange deliver sophisticated solutions, across multiple currencies, to its rapidly expanding client base.

Based in the City of London, FC Exchange delivers specialist currency transfer and international payments solutions. As one of the first foreign exchange companies to become an Authorised Electronic Money Institution (AEMI), FC Exchange remains at the forefront of the industry when it comes to client security and customer service. Building on these strong foundations, FC Exchange is successfully undertaking aggressive growth plans, extending its product set, as well as diversifying into new markets.

The new partnership with Saxo Payments is set to play a key role in helping FC Exchange achieve its growth plans, allowing it to better serve larger businesses in new vertical markets it is targeting. The new scalable and flexible Saxo Payments platform will support the business as it attracts larger clients in new markets.   In particular, the ability to issue bank accounts in 20+ currencies brings real added value for businesses selling internationally.

Nick Fullerton, CEO of FC Exchange, explains, “The payment facilities offered through our membership of the Banking Circle is helping us service the needs of larger businesses that need to facilitate payments in high volumes. A large proportion of the businesses in our new target markets need to process a high volume of low value payments, in an efficient and cost effective manner. Saxo Payments allows us to meet the complex needs of these clients, helping them reduce the cost of international payments and make fast, secure, cross-border transfers.

“Through our partnership with Saxo Payments, the Banking Circle enables us to enhance our customer experience, thereby improving both acquisition and retention, which is crucial as we aim for significant growth in 2016.”

Anders la Cour, Chief Executive Officer for Saxo Payments, added: “The Banking Circle is our web-based banking platform, offering businesses access to real-time transfers, at a fraction of the cost of traditional banking services. FC Exchange’s partnership with Saxo Payments means it can offer its clients faster international payments across multiple currency accounts using a single platform. We are looking forward to working closely with FC Exchange to help it grow in new markets by offering innovative payment solutions that reduce costs, whilst delivering the best service, worldwide.”

The post FC Exchange joins Saxo Payments’ banking circle appeared first on International Finance.