Less than a month after obtaining regulatory approval to offer a high-yield crypto product in Bermuda, FinTech Circle announced more details of its previously disclosed plans to expand its operations in the country.
According to the circle ad, new hires will be in compliance, operations and customer service.
The product, called Circle Yield, is touted by Circle as a way to securely invest in crypto assets. The focus will be on currencies such as USDC, a dollar-tracking cryptocurrency.
“Circle is the first FinTech company to receive the DABA Class F (or full) license (from the Bermuda Monetary Authority) and we are proud to deepen our commitment to Bermuda. ” Jeremy Allaire, co-founder and CEO of Circle, said in a declaration. “Building on our strategic fundraising, we will expand our operations in Bermuda, including opening an office, to support substantial demand for corporate cash for crypto assets and yield.
The deputy. David Burt, Justice of the Peace, Member of Parliament from Bermuda, said the country “is proud to host Circle’s regulated crypto yield product, the first such regulated product in the world.”
Director of Circle Operations Elisabeth Charpentier said in a prepared declaration: “Circle is growing globally to support its performance product, including in 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 this growth.
At the end of June, Allaire told PYMNTS’s Karen Webster in late June that he was considering stablecoins such as USDC and other cryptocurrencies such as bitcoin flourishing simultaneously. “It is widely recognized that stablecoins running on public blockchain infrastructure are here to stay,” he said.