Less than a month after winning regulatory approval to offer a high-yield crypto product in Bermuda, FinTech Circle announced more details of its previously-disclosed plans to expand its operation in the country.
According to Circle’s announcement, new hires will be in compliance, operations and customer service.
The product, called Circle Yield, is being pitched by Circle as a way to safely invest in crypto assets. The focus will be on currencies such as USDC, a dollar-tracking cryptocurrency.
“Circle is the first FinTech company ever to receive the (Bermuda Monetary Authority’s) Class F (or Full) DABA license and we are proud to deepen our commitment to Bermuda,” Jeremy Allaire, Circle’s co-founder and chief executive, said in a prepared statement. “Building on our strategic capital raise, we’ll be expanding operations in Bermuda, including opening an office, to support substantial corporate treasury demand for crypto assets and yield.”
The Hon. David Burt, JP, a member of parliament in Bermuda, said the country “is proud to be the home of Circle’s regulated crypto yield product, the first regulated product of its type in the world.”
Circle Chief Operating Officer Elisabeth Carpenter said in a prepared statement: “Circle is growing globally to support its yield product, including across compliance and risk roles, as well as customer-facing operations and sales. We look forward to developing Bermuda as a center of excellence as part of that growth.”
In late June, Allaire told PYMNTS’ Karen Webster in late June that he envisions stablecoins such as USDC and other cryptocurrencies such as bitcoin flourishing simultaneously. “There’s wide recognition that stablecoins running on public blockchain infrastructure are here to stay,” he said.