Circle, one of the largest payment service providers in the world, has announced that it has entered into a global partnership with FTX, the fastest growing crypto exchange in the world.
Circle provides payment and treasury services to online businesses and has been making regular forays into the blockchain world and so its tie up with FTX is nothing but a natural progression of this foray.
As part of this arrangement, FTX would be using Circle APIs to launch USD Coin (USDC) payments and services across its FTX and Blockfolio services. This helps FTX to tightly control the deposit and withdrawal processes providing a better and seamless experience to its users across the world.
“Circle has been a pioneer in making fiat work on blockchains for nearly eight years and has built deep capabilities to ease payments in crypto,” said Sam Bankman-Fried, Co-Founder CEO of FTX. “Circle is moving with incredible speed. FTX is one of the fastest growing crypto exchanges in the world. With Circle, we’ve found a very strong partner to build with.”
The customers of FTX can now fund their dollar balances at the exchange instantly using debit and credit cards in over 200 countries and these payments would be settled in USDC with the customers being able to transfer the USDC not only on Ethereum but also on the fast-growing Solana blockchain as well.
“FTX continues to impress the world with blazing fast execution and innovation, making it among the most formidable companies in the global crypto ecosystem,” said Jeremy Allaire, CEO and Co-Founder of Circle. “With our latest collaboration, we’re continuing to pioneer customer experience for payments and crypto trading, and we are thrilled to continue to build together with Sam and the FTX team.”
This is a further boost to USDC which has been fast growing as a challenger to USD Tether (USDT) as a stablecoin in the crypto world. Its circulation has increased manifold over the last few years and with its strong regulation, more and more large investors and companies are looking to prefer USDC over other stable coins.
Recently, FTX had hired its first President for its US subsidiary in a big push to its business in the US and a combination of technology along with a strong management with a wealth of experience is expected to yield good dividends for FTX in the long run. With its partnership with Circle, a global clientele is likely to be available for FTX to tap into, in the way that it deems best.
