Circle Internet Group (NYSE: CRCL) says it has acquired IBM’s (NYSE:IBM) blockchain patent portfolio.
The terms of the deal were not immediately available.
In a release, Circle said it had purchased over 1000 issued patents worldwide that address banking, financial services, insurance, infrastructure, and more.
Circle is the issuer of USDC, a leading dollar-based stablecoin. The company aims to become a key partners for financial services firms as they transition from legacy services to digital offerings. Its “Arc” product is an enterprise blockchain that strives to become the Economic OS for the internet.
Sarah Wilson, General Counsel and Corporate Secretary at Circle, said the portfolio is vital to advancing their mission of migrating to an onchain infrastructure.
“IBM has been a pioneer in technological innovation, and this acquisition expands Circle’s ability to advance the infrastructure that powers global, internet-native finance.”