Jeremy Allaire's Circle Internet Financial Unveils Bitcoin for Beginners

Circle Internet Financial was launched last year with the aim of increasing the adoption of digital currencies such as Bitcoin by enabling consumers and merchants with a payment platform. The company was started by Jeremy Allaire, who previously founded Brightcove, an online video platform. Circle has received a total funding of $26 Million through investors including Jim Breyer, Accel Partners, General Catalyst Partners, Oak investment Partners and Pantera Capital among others.

Circle's line of products and services have been somewhat of a mystery until now. On 15th May 2014, the company revealed its product with no charge for any of its services. Circle is a website where people can purchase and store bitcoin. Users can also send bitcoin to other individuals or to a company that accepts bitcoin as a form of payment.

  • Circle is basically a free service aimed at general consumers that will enable them to seamlessly import traditional currency from a linked bank account and convert it into a Circle Bitcoin account.
  • Through this, users can send and receive money.
  • Accounts will hold bitcoin but will be quoted in the users’ native currency at prevailing Bitcoin exchange rates.
  • It can also be instantly cashed back into those currencies through their bank accounts.
  • There’s a heavy emphasis on security and on Circle’s role as a trusted custodian of its customers’ assets, notes WSJ.
  • Circle will mimic features of some bitcoin wallet and payment processing services, such as those from Coinbase and Blockchain.
  • However it will also mimic some of the deposit-providing and custodial features of traditional banks (though it is not a traditional bank).
  • Basically, the company is looking to operate in a gap between the Bitcoin-savvy world and the traditional world.

Circle’s service will have a general orientation, it won’t be focused on bitcoin per se, Mr. Allaire told MoneyBeat earlier this week. 'The idea is to ground the service around things people understand, like the U.S. dollar.' Circle's offering will attract Bitcoin enthusiasts, he expects, but Allaire seeks to attract people who don’t think in bitcoin, but do have an active digital life, says WSJ. He expects it will attract a lot of younger users, people who spend a lot of time online already.