Arca exec writes scathing letter to Circle post-IPO

Circle faces criticism from Jeff Dorman, investment director of the ARCA digital asset investment company, more than a $ 135,000 allowance to the company during the initial public offer of the Stablecoin transmitter.

In an open letter published on social networks, Dorman accused Circle and his poor judgment, calling for the “inappropriate” allowance and announcing the closure of all Arca accounts with Circle.

According to Dorman’s position, Arca only obtained $ 135,000 participation in its order of $ 10 million on the offer. Dorman said thatCa was one of the first entities to make an offer. The executive said that the company is one of the first donors in Circle and held stable even in the midst of circle rumors delaying its IPO plans due to the macroeconomic shock of prices. The letter indicated:

“Arca has gone through hell and back like all other crypto-native companies for eight years. Most of us have stayed together and help us.

“Most of the Arca management team left Wall Street eight years ago to start a cryptographic native business specifically to move away from tradfi clowns like you. Ironically, you have completed the loop,” continued the letter.

Dorman also said that Carta closed all the accounts with Circle and discouraged other companies to associate with the Stablecoin giant.

Circle made its public debut on June 5 after registration on the New York Stock Exchange (NYSE) and is considered by industry professionals to mark an important step for the cryptography sector, because the transmitter of the second largest stablecoin by market capitalization opens up to the liquidity of traditional financing.

In relation: Blackrock Eyes 10% paped in the IPO of Circle – Report

Circle increases the IPO twice during the sale

Circle launched its IPO on May 27 and announced an initial objective of 24 million shares, the company issuing 9.6 million ordinary class A shares and the first existing investors providing the remaining 14.4 million shares.