Ever had the urge to invest in cryptocurrencies but held back?
Everyone has been there. You’re seeing the prices soaring in one minute, and right about when you are thinking of investing, you can’t figure out how.
The Circle company took it upon themselves to ease the financial experience with cryptocurrencies and blockchain technology.
Circle, a peer-to-peer digital payments company, is a revolutionary step in the direction of virtual currencies and their exchange. At its inception, the company dabbled in bitcoin exchange on its platform. Currently, it allows for holding, sending, and receiving traditional currencies.
What is the History of Circle?
Birthed by Jeremy Allaire and Sean Neville in 2013, the Boston-based company began its journey as a peer-to-peer cryptocurrency payment and exchange program. It leveraged the exchange services through the popular cryptocurrency exchange called Poloniex.
In 2015, Circle received the BitLicense to deal with virtual currencies and ensure a smooth flow of the financial value in digital payments. In December 2016, the company spearheaded a new direction of a globalized financial services platform. It aimed to establish not merely as a bitcoin exchange platform but as a more reliable monetary medium for all the consumers.
Great ideas always cater to greater interests. Isn’t that right with Circle?
Besides, the company has been acquired by Concord Acquisition Corp, a special purpose acquisition company to go public by the end of 2021. Using the public blockchain technology, the company is now more focused on programmable dollars for the business. It is also the main issuer of USD Coin called stablecoin.
Stablecoin is a virtual digital currency linked to US Dollars and operate on Ethereum, Stellar, Algorand, Solana, Tron, and Hedera Hashgraph system.
What is the Company All About?
As the name suggests, Circle intends to create an amalgamation of a platform with services that don’t discriminate. Primarily the platforms deal in only one kind of financial medium, and Circle is eager to fill this gap. It allows for seamless digital transactions for traditional currencies and, at the same time, provides scalable services in blockchain technology.
Circle is an attempt to build an open, inclusive, efficient, and integrated world economy. It purports to unleash the productivity potential in the financial market with the arrival of the new fabric called the blockchain. It has turned the concept of money into a new form of data that can be valued and molded.
The company relies on the globalization of the nature of the business and the efficiency of the contracts between the businesses. It acts as a frictionless facilitator between businesses and stakeholders to ensure smooth internet-enabled finance.
What are the Services Offered by Circle?
With a radical idea and the zeal to revolutionize financial services, Circle has been relentlessly releasing outstanding products.
Circle Pay showcased the torchbearer of the company’s vision and spirit through its first app. The app allowed for an easy and instant mode of transfer of bitcoins between individuals. The services offered banked heavily on convenience. It allowed the users to transfer the smallest of the amounts with ease.
The app was extremely popular with the European population. Seeing the skyrocketing popularity, the British government approved its first virtual currency license to Circle. The license paved the way for the integration of money transfer services between the United States of America and Britain.
Even after sunsetting the Circle app, the company has built a reputation to store and create value through crypto. It established the founding stone towards the globalization of the company’s services with the vision of no distinction between money.
Open Source Blockchain Toolkit
Using public blockchain as its building ingredient, Circle has released a program called Centre. It is a mode of transfer of payment with tokens based on Ethereum. It assists in getting the payments transferred even if they support different currencies.
Seems tricky? Let’s take an example. If you want to transfer Indian Rupee to Japan, the Centre will allow you to convert it to Yen and transfer. It has made money transfers unbelievably easy!
The best part about these transfers is that they are absolutely safe and even require disclosure as per the existing regulations. Despite supporting transfers in many countries worldwide, the safety tenet in financial services is a non-negotiable aspect.
The latest addition to the list of services offered by the company is Circle Yield. The idea aligns with the vision of turning the company into a financial service based bank working on blockchain. It allows for the investment opportunity with crypto-based mode and bitcoin collateral. It offers a higher bank rate than traditional banks.
Such an investment opportunity is a stir up for the traditional financial approaches.
Who wouldn’t want to be a part of the wind that is a market maker today?
How does Circle Run its Business?
The business strategy of the company depends on the cryptocurrency exchanges. It offers you a free app and no-fee transactions for all its payments. The flow of money comes in through over-the-counter markets and digital interactions.
It also earns money through the liquidation services the company offers to the institutions. Even the reserve balances it holds for its customers are further invested. Circle shares the return on the investment with the customers as interest while keeping a portion as the revenue.
The company has become one of the biggest crypto asset traders in the world. With the scalability of cryptocurrencies in the future, the company is even deviating towards becoming a chartered crypto bank.
In The End
Circle pioneered the way in the field of cryptocurrencies and how to use them to create a seamless user experience. It has made the exchange of monetary value synonymous with the exchange of information.
You can imagine the growth potential in a company that relies strictly on novelty, innovation, and openness. Especially in the domain of cryptocurrencies, safety and compliance are the daily talks of the town. Circle is the answer if you are a stakeholder with a business or an individual pondering over the feasibility of the cryptocurrencies you have.