16 July 2021News

Crypto payments fintech Circle to expand operations in Bermuda

Circle, the financial technology firm that provides payments and financial infrastructure for internet businesses, will increase its operations in Bermuda with a new office.

The Bermuda Monetary Authority (BMA) recently expanded oversight of Circle's Class F (full) DABA (Digital Assets Business Act) license to include Circle Yield, a newly launched high yield offering. It is the first fintech company to receive this license from the BMA.

Initially, Circle Yield will be limited to US, Bermuda, or Swiss-based companies and institutional investors. Circle promised to continue working collaboratively with the BMA and the Government of Bermuda to ensure ongoing responsible financial services innovation serving institutional customers from a competitive Bermuda-based regulatory platform.

Circle’s increased presence in Bermuda is part of its broader market expansion strategy and will support corporate treasury demand for yield. It is committing $100,000 as an initial investment in skills transfer and talent development in Bermuda, and called for locals in Bermuda to apply for jobs at the company via its careers page.

Elisabeth Carpenter, Circle's chief operating officer, explained: “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.”

Jeremy Allaire, Circle's co-founder and chief executive officer, added: "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.”

David Burt, Bermuda’s Premier, said: "Bermuda is proud to be the home of Circle's regulated crypto yield product, the first regulated product of its type in the world. Bermuda is powering the future of finance and companies like Circle are the types of companies we seek to attract to Bermuda's Fintech ecosystem."