Monday, November 28, 2022

Circle Acquires Elements to Accelerate Crypto Payment

Peer-to-peer payment technology firm Circle has acquired a payment firm known as Elements to upscale its (Circle) product offerings. In effect, Circle has started a journey of creating an accelerated payment framework for users.

The payment technology firm is trying to lower the bar for merchants to enable stress-free access to next-generation payment and financial services Additionally, merchants can infuse their previous Payment Service Provider (PSP) relationships into Circle’s crypto payment ecosystem. For now, the clear terms of their agreement have not been disclosed. 

Circle made the announcement of the acquisition at the Converge22 which was held today. The co-founders of Elements, Nafis Jamal and Hao Min joined Circle on stage during the announcement to show two demos. First, was the demo of Circle’s Crypto Payments API which is already in its beta testing stage.

The other was the one-stop checkout SDK for crypto merchants which will be accessible in Q4.

Circle And Elements Reduce Payment Complexity

Circle’s Chief Product Officer Nikhil Chandhok talked about how the acquisition of Elements is making their payment offerings better. Chandhok attested that Elements’ strategies reduce the barriers and complexity of performing crypto payments.

“We are very impressed by the Elements team for their work in taking the complexity out of crypto payments.  Lowering barriers of entry for payments and financial services and establishing dollar payments utility are core to Circle’s mission. 

Providing well-designed payment products that can facilitate seamless, efficient, frictionless, and delightful customer experiences are key to empowering merchants to take advantage of these next-gen payment solutions.” he said.

Jamal reiterated that there was a natural synergy between Circle and Elements’ business models, hence the acquisition. Invariably, he believes that both companies will deliver better results working as a single entity. 

“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 payment and settlement experience for merchants using a digital currency they can trust.

Today’s news is only the beginning of our joint mission to deliver first-class payment offerings and define the next generation of payments.”

Apart from the acquisition of Elements, Circle has bagged a series of achievements this year. Earlier, Circle tapped investment management firm BlackRock in a strategic partnership to raise funds up to $400 million. The firm also entered into a partnership with New York Community Bancorp which eventually earned the NYCB a custodian status for the USDC reserve.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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