Fintech company Circle has bought merchant and developer-first payments orchestration provider Elements for an undisclosed amount.
Through the deal, Circle seeks to give merchants access to new payments and financial solutions.
Using the new solutions, merchants will be able to incorporate their existing payment service provider (PSP) alliances with Circle’s crypto payment products.
In addition, the deal will allow Circle to further support the growth of payments made through crypto.
Circle chief product officer Nikhil Chandhok said: “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.”
Currently, Circle issues both USD Coin (USDC) and Euro Coin (EUROC).
Until 28 September 2022, over $49bn of USDC was in circulation. USDC has driven over $5tn in on-chain transactions since its entry in 2018, stated Circle.
According to the firm, development of a platform that enables merchants to accept USDC and other modes of crypto payments at the point-of-sale will help in the adoption of digital currencies across the globe.
Elements founder and CEO Nafis Jamal said: “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 payments 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 payments offerings and define the next generation of payments.”
In March this year, Singapore’s FOMO Pay forged a strategic alliance with Circle Internet Financial to integrate USDC into its platform.