Circle continues to make giant strides in its bid to become a major force in the global cryptocurrency industry as it has announced the launching of its new app in the US.
In a blog post on Wednesday, March 14, 2018, on the company’s website, Rachel Mayer, the Senior Product Manager at Circle announced that early access availability of the new app was being extended to all but four states in the US. The four states not included are New York, Minnesota, Hawaii, and Wyoming.
The Circle Invest App
The new app, called Circle Invest, is the latest addition to the Circle Internet Financial Ltd., business catalog. Strictly speaking, the app is not a cryptocurrency exchange platform in the sense that users cannot submit limit orders or look through the order book. The app doesn’t offer many of the features that are available on so-called full-fledged cryptocurrency exchange platforms. Users can only make fiat deposits and withdrawals, as well as buying and selling of cryptocurrencies.
So far, the cryptos that are supported by the app are bitcoin, bitcoin cash, ether, ether classic, and litecoin. The app is available for both the iOS and Android app stores. The app offers instant cryptocurrency transactions below $10,000. Any transaction beyond this limit requirements a waiting period of a few days. All Automated Clearing House (ACH) transfers on the platform are free. This sets it apart from a platform like Coinbase which charges a fee of 1.49 percent on ACH transfer.
The stated spread for the Circle Invest Platform is between 1.5 to 2 percent. Circle plans to offer the Circle Invest platform in all states in the US. However, there are a number of regulatory hurdles that the company will have to navigate before it can offer the platform in the four states mentioned above.
Establishing a Full-Stack Blockchain Company
In a recent article on Fortune, it was reported that Circle manages upwards of $2 billion in transactions per month. Within a three-month period between November 2017 and January 2018, the company’s total revenue exceeded $60 million which is impressive considering the unstable nature of the cryptocurrency market. The company, however, appears not to be resting on its laurels as it continues to be a major force in the emerging crypto market.
This new app is likely to be in direct competition with Coinbase, the largest crypto exchange service in the US. Already, the competition between Circle and Coinbase appears to be increasing in intensity, especially after Circle acquired Poloniex.
The company, which is backed by Goldman Sachs, Baidu and a number of other investors, is set to hire 100 people to support its global expansion efforts. The new recruits will be spread across offices in Hong Kong, Mainland China, South Korea, Japan, and other locations in Asia. In an interview with Jeremy Allaire, the co-founder of the company, it was remarked that he envisions a situation in the future where every store of value will be tokenized:
“We want to offer more markets, more assets, we want to localize it, and launch it in more international markets and, critically, we need to work with the most important regulators.”
With all these statements he made clear that he is positioning Circle to take advantage of the new and emerging markets.