Global fintech Circle announced on Wednesday it has appointed Mandeep Walia as its new Chief Compliance and Risk Officer. Circle reported that Walia will work with its leadership in helping “harmonize compliance standards” as a part of the company’s broad commitment to ensuring that open standards are not in conflict with compliance.
According to Circle, Mandeep has an extensive career in the payments, banking, and financial services industry. He previously held roles in various companies such as PayPal, State Street, LendUp, Bank of the West, and Facebook’s digital wallet business, Novi. Speaking about the appointment, Circle Co-Founder and CEO, Jeremy Allaire, stated:
“In bringing Mandeep on board to lead Circle’s global compliance and enterprise risk management process, he will inherit a platform of strength — as Circle was the first company to achieve an NY DFS Bit License, as well as appropriate licenses in the U.S., UK, EU, Bermuda and other key jurisdictions.”
Founded in 2013, Circle enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments, commerce, and financial applications worldwide
“Circle’s platform has supported over 100 million transactions worth tens of billions of dollars, with nearly 10 million retail customers, over a thousand businesses, while storing and securing more than $5 billion in digital currency assets.”
Circle then noted it is also the creator of USD Coin (USDC), a regulated, fully-reserved stablecoin, which now stands at more than three billion market cap and is adding more than 100 million net new digital dollars in circulation every week.
“Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through programmable internet commerce.”