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Circle to expand Bermuda platform

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Fintech company Circle’s expanded Bermuda platform is to include key hires in the areas of compliance, operations and service, the organisation said.

The company said it will increase operations in Bermuda as part of the company's overall market expansion strategy and to support corporate treasury demand for yield.

Circle said the new hires will support activities regulated in Bermuda and Circle’s growth around the world.

The global financial technology firm provides payments and financial infrastructure for internet businesses.

The Bermuda Monetary Authority recently expanded oversight of Circle's full DABA license to include Circle Yield, a newly launched high yield offering that the company said represents an important expansion of Circle's products.

Jeremy Allaire, Circle's co-founder and CEO, said: "Circle is the first fintech company ever to receive the BMA's Class F ("Full") DABA license and we are proud to deepen our commitment to Bermuda.

“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.”

On Thursday, Circle pledged $100,000 towards the development of Bermuda as a “centre of excellence” for fintech innovation.

Elisabeth Carpenter, chief operating officer of Circle, said the company would work with the Bermuda Business Development Agency and Government’s fintech team to determine “the best way to direct the investment”.

Ms Carpenter said: "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 centre of excellence as part of that growth. In the near term, we are committing to a $100,000 initial investment in skills transfer and talent development for the Bermudian community.

“In the even more immediate term, we welcome community members to apply for roles they see on circle.com's career page for which they are qualified.

“We are thrilled not only for Circle to scale, but for Circle's footprint in Bermuda to scale as well."

There are some 50 positions advertised on the company’s website at www.circle.com.

Jeremy Allaire, founder and CEO of Circle, speaking at Thursday’s press conference (Photograph by Akil Simmons)
Elisabeth Carpenter, chief operations officer of Circle, at Thursday’s press conference (Photograph by Akil Simmons)

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Published July 19, 2021 at 8:00 am (Updated July 16, 2021 at 5:53 pm)

Circle to expand Bermuda platform

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