Binance has purchased $100M worth of Circle shares as the two companies expand their USDC partnership. Circle issued Binance 1.24M Class A shares at $80.84 each in a private placement that closed on September 17, according to an SEC filing.
The deal also includes a five-year commercial agreement focused on promoting USDC across Binance platform. Circle will pay Binance a monthly incentive fee based on the amount of USDC held through Circle Modular Smart Contract Wallet infrastructure.
Binance will be restricted from selling, transferring or hedging the shares for two years, subject to certain exceptions. The expanded partnership gives Circle a major distribution channel for USDC while Binance takes a direct equity position in the stablecoin issuer
#BinanceSquareTalks
#btc70k
The deal also includes a five-year commercial agreement focused on promoting USDC across Binance platform. Circle will pay Binance a monthly incentive fee based on the amount of USDC held through Circle Modular Smart Contract Wallet infrastructure.
Binance will be restricted from selling, transferring or hedging the shares for two years, subject to certain exceptions. The expanded partnership gives Circle a major distribution channel for USDC while Binance takes a direct equity position in the stablecoin issuer
#BinanceSquareTalks
#btc70k
