Blockchain

Circle Comes Out of Invite-only Phase, Opens for Global Audience

MEDICI

No more waiting. We're happy to announce that we've opened our doors to a global audience!”, tweeted Circle Inc. on September 29th.

Circle is a Bitcoin consumer finance company focused on transforming the world economy with secure, simple, and less costly technology for storing and using money. The company had been working with select consumers in an invite-only model for the past few months but with this announcement, the company opens its service to the world.

The company is very excited about Bitcoin and digital currencies. It believes that they offer tremendous opportunities to transform payments and finance as we are entering a deeply integrated world economy that is driven by social identities, free flowing media, communication and commerce, particularly because the existing infrastructure to handle money is very old and frustrating.

In its attempt to change the status quo, Circle started developing a suite of customer products aimed at facilitating ease of use, improving security and convenience, and enabling instant transfer. The platform has been developed based on open platforms and open standards like Bitcoin. The company is planning to collaborate with developers and technology enablers around the globe.

In the company’s initial product launch, it focused on the following features:

  • Creating a fast, easy and enjoyable user experience. The company has tried to come up with an elegant design that users enjoy using.
  • Reducing the hassles related to acquiring and selling Bitcoin. After today’s announcement, people can onboard into a Circle account and begin using digital money in a matter of a few seconds. The company has also kept the interface simple and intuitive for traders.
  • Enabling digital money to be free and instant for end users. The company has focused on making its services instant for onboarding, instant for depositing and converting money, and nearly instant for sending and receiving payments.

In addition to these features, the company is now also focused on providing global support in seven different languages covering around 40% of the world’s population. It plans to add support for more languages as it grows.

The company also wants to bring in more clarity regarding insurance in the minds of its customers. In May of this year, the company announced that it was offering theft insurance on 100% of their Bitcoin balances. The company has been building its own insurance program since then, partnering with more underwriters. Today, the company offers insurance cover to all its customers. The company has tied up with Marsh, which is one of the world’s largest insurance broker firms. The underwriters for this insurance are very highly rated even in the non-Bitcoin world. Insurance on Bitcoin is a new market and Circle can certainly claim to be the pioneer in this space.

The company is also focusing intently on native Android and IOS apps. At the Sibos international banking conference yesterday, the company showcased its Android and IOS apps. These apps are in Beta phase and will be released later, but the company identifies them as critical pieces of the whole picture.

Even though the company has just gotten started, it is growing at a decent pace over the last few months. In the years to come, the company promises to deliver many similar services bringing breakthrough innovation in digital payments and Bitcoin.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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