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Circle To Expand Operations In Bermuda, Building On Corporate Treasury Demand For Yield

A global financial technology firm that provides payments and financial infrastructure for internet businesses, announced it will increase operations in Bermuda as part of the company’s overall market expansion strategy and to support corporate treasury demand for yield.

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The Bermuda Monetary Authority recently expanded oversight of Circle’s Class F DABA license to include Circle Yield, a newly launched high yield offering that represents an important expansion of Circle products.

Bermuda is long home to one of the world’s most important and innovative risk capital markets for the insurance, reinsurance and captive industry, with more than $100 billion in risk capital.

“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,” said Jeremy Allaire, Circle’s co-founder and CEO.

Premier of Bermuda, the Hon. David Burt, JP, MP stated, “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.”

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“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. 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,” said Elisabeth Carpenter, Circle’s Chief Operating Officer.

Circle’s expanded operations and support in Bermuda will include:

  • Key new hires – including in compliance, operations, and service, which will support activities regulated in Bermuda and Circle’s growth around the world.
  • An initial investment of $100,000 supporting skills and talent development in fintech and digital assets for workers in Bermuda

During this early access period, Circle Yield will be limited to U.S., Bermuda, or Swiss-based companies and institutional investors and the company will 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.

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