Bob Diamond: Digital Currencies Will Play a Major Role in Finance

• Bob Diamond believes that digital currencies will thrive in the future.
• Diamond predicts that last year’s crypto crash will lead to better future development.
• Concord Acquisition fails a deal with Circle to go public in the stock market.

Former Barclays CEO Bob Diamond believes that digital currencies will play a major role in the financial sector, despite adverse market conditions.

According to Financial Times, Diamond commented:

I can’t think of anyone who doesn’t believe that in the future, a digital version of the dollar for institutional and corporate use isn’t going to happen and be far more efficient.

Additionally, Diamond suggests that digital currencies, especially stablecoins, will become a widespread and efficient way for institutions and corporations to conduct transactions in the future — adding more power to stablecoins.

Diamond’s comments about stablecoin’s future were made shortly after his capital market company, Concord Acquisition, failed to seal a $9B deal to make Circle, the USDC issuer, list public in the stock market. As noted in a press release by Circle, Circle and Concord Acquisition mutually agreed to terminate the proposed business combination, citing the adverse crypto market conditions that led to the lack of investor demand in their proposal; as a result, the “transaction timed out.”

The Co-Founder and CEO of Circle, Jeremy Allaire, commented:

We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important.

Similarly, Diamond stated that he would continue to have faith in Circle’s focus on following regulations and is eager to take on the role of a supporter: “I remain confident in Circle’s regulatory-first approach to building trust and transparency in the financial industry, which has never been more important, and I will continue being an advocate for the company as it continues to grow.”