On September 29 at the Converge 22, Circle made a major announcement promising for the cryptocurrency community.
Circle Acquires Elements
Circle, a major financial technology firm announced during an event that it had acquired Elements. It is a major payments orchestration platform as well as a merchant for the same services. The services that the platform offers are developer-first.
Circle’s Roadmap has enhanced
Circle had reportedly started working on its roadmap and acquiring Elements was part of its agenda to enhance its cryptocurrency payments acceleration.
The firm has announced that following the acquisition of Elements, its roadmap for the enhancement of cryptocurrency payments has been accelerated.
Tasks Circle Aims to Work On
Circle officials revealed they have multiple tasks they want to work on and execute at the earliest. One of the major tasks is to introduce increased scalability that offers fast transactions for cryptocurrencies.
The other task is to add utility value to the cryptocurrencies so the investors and users can benefit from their holdings as much as possible.
Another major task for them is to ensure that they are able to unlock entry for merchants to accept cryptocurrencies placing very low barriers or conditions over them.
This way, they will be able to make cryptocurrencies and their financial services more acceptable and comprehensible for the next generation of crypto users.
Easy Access for the Merchants
Using the cryptocurrency payment offerings platform offered by Circle, the merchants will be able to carry out cryptocurrency transactions.
Surprisingly, they will be able to integrate the Circle’s offerings platform with their existing payment service provider relationships. They will not have a condition barring them to use their services only.
Circle CPO Praised Elements
Circle’s chief product officer (CPO), Nikhil Chandhok spoke highly of their recent acquisition of Elements. He was quite open about sharing his thoughts about the company they have recently acquired and what it has to offer.
As per Chandhok, Elements has been part of the cryptocurrency industry for a long time. Ever since its foundation, it has worked its way to become one of the most convenient solution providers for users.
The company’s purpose has been to take the element of complexity out of the cryptocurrency utility and interactions. This way, anyone wanting to interact with cryptocurrencies will not have to worry about getting lost or finding it too difficult to navigate within the crypto-verse.
Significance for Cryptocurrencies
As the cryptocurrency industry is going through a hard time, the efforts of the firms wanting to bring institutional investors to the sector would not go unnoticed.
Many investors would soon join these platforms investing heavily to increase their gains and to take advantage of the services in the retail environment.
This would definitely provide support to the major cryptocurrencies finding it difficult to deal with the situation at hand.