Matrixport, Circle to Settle International Bank Transfers in USDC
- International bank transfers to Matrixport will be automatically settled in USDC.
- Matrixport will offer all new users a 30% APY welcome offer on USDC fixed income products for 21 days.
Shutterstock
Matrixport, the largest crypto neobank in Asia, will enable international bank wire transfers to Matrixport accounts with automatic settlement in USDC. According to a press release published on 19 May, the funds settled in USDC can be used for cryptocurrency investments and trading.
“Adding Circle to our payment infrastructure offers our users around the world a streamlined way to go from bank to crypto quickly and securely, relying on USDC as a core treasury and settlement infrastructure,” said Matrixport Co-founder and CEO John Ge.
Jeremy Allaire, the co-founder and CEO of Circle, said that the company has seen an increased demand for USDC. There is currently over $16 billion USDC in circulation, having grown over 30x over the past 12 months and over 400% since January 2021. Partnering with Matrixport will give Circle a unique opportunity to reach more customers in Asia and around the world, Allaire explained.
To celebrate the new partnership with Circle, Matrixport will offer all new users a 30% APY welcome offer on USDC fixed income products for 21 days. The bank allows investors to purchase Bitcoin, Ethereum, Litecoin, and other cryptocurrencies and earn an annual interest on crypto deposits starting at 11% APY.
Matrixport was created in 2019 by John Ge and Jihan Wu, the founder of Bitmain, the world’s largest Bitcoin mining hardware manufacturer.
- The digital ID project said Orb Operators received USDC payments as part of the project’s transitional phase after launch, and now that it is nearing its end Worldcoin will be switching to WLD payments.
- Worldcoin warned Orb Operators to check if they can claim rewards in their region as WLD are not available in the United States and “certain other restricted territories”.
Flickr
- SVB Financial Group has filed for a Chapter 11 court-supervised reorganization in the U.S. in order to “preserve value”.
- The company stressed it is no longer affiliated with Silicon Valley Bank, the closure of which sent ripples across the crypto industry.
- Despite the events of last week, Circle has been able to clear almost all USDC backlog, and redeemed $3.8 billions USDC between March 13 and March 15.
- The stablecoin issuer also went live with a new transaction banking partner for both domestic and international wires, and expects to bring more capabilities back soon.