Circle, a cryptocurrency infrastructure company that claims to allow “businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications,” is going public through a merger with Concord Acquisition Corp., a special-purpose acquisition company (SPAC) backed by former Barclays CEO Bob Diamond.

Why should we care?
Circle is the company behind USD Coin, a cryptocurrency whose value is linked to the U.S. dollar. It also operates a platform that allows for digital currency transactions. The SPAC deal is expected to raise $691M for the combined entity. CEO Jeremy Allaire said in a statement that the money will help Circle build a “global-scale internet financial services company that can help businesses everywhere to connect into a more open, inclusive and effective global economic system.” Circle is in the midst of two contentious legal matters: it’s in the process of settling with the Securities and Exchange Commission over an investigation into improper trading of digital tokens; and it’s in a dispute with adviser Financial Technology Partners, over fees relating to the SPAC transaction.