Whenever there’s anything about innovative startups within the crypto world, there aren’t many firms having as forward-thinking as Circle. This fintech and crypto-focused startup was backed by Goldman Sachs in its infancy. This innovative nature has led the Boston-based startup to acquire SeedInvest for an unshared compensation package, as disclosed by an official blog post made on the matter.
As indicated in the release, SeedInvest is a New York-based startup which has been playing a leading role in the crowdfunding industry, while likewise remaining a FINRA and SEC-registered broker-dealer, which is a requirement several crypto firms require to launch specific products. By following the completion of the exclusive deal, SeedInvest’s 30 employees are expected to be transferred to Circle’s New York location, with this change in office confidently securing the bond between the two startups.
Detailing the reasoning behind the buy-out move, both Jeremy Allaire and Sean Neville members of Circle’s top brass disclosed that this strategic acquisition would see Circle accelerate its strategy to build an in-house token marketplace “that enables businesses and individuals to raise capital and interact with investors using open crypto rails and infrastructure.”
In an exclusive interview with Bloomberg reporters, the CEO of the startup Jeremy Allaire spoke on SeedInvest’s prowess to crowdfund and why this acquisition is essential for his company, along with the industry as a whole. This well-respected entrepreneur, Jeremy Allaire stated:
“This was a company who had been at the forefront of collaborating with government to figure out how to make it possible to innovate in the way people raise capital… Crypto securities are going to become a major new category of securities that ultimately every business is going to adopt, just like every business has a website.”