What is Circle
Circle is a cryptocurrency company that provides a range of services related to digital currencies. The company was founded in 2013 by Jeremy Allaire and Sean Neville and is based in Boston, Massachusetts.
Circle offers a variety of products and services, including:
- Circle Pay: A mobile payment app that allows users to send and receive payments in multiple currencies, including bitcoin.
- Circle Trade: An over-the-counter trading desk for institutional investors to buy and sell large quantities of bitcoin and other cryptocurrencies.
- Circle Invest: A retail cryptocurrency investment platform that allows users to invest in a variety of cryptocurrencies, including bitcoin, Ethereum, and more.
- USDC: A stablecoin (a cryptocurrency pegged to the US dollar) that Circle developed in partnership with Coinbase. USDC is used for payments, trading, and other transactions on various blockchain networks.
Circle has raised over $246 million in funding from investors such as Goldman Sachs, IDG Capital Partners, and Breyer Capital. The company has also acquired several other cryptocurrency-related businesses, including Poloniex, a cryptocurrency exchange, and SeedInvest, a crowdfunding platform.
The history of Circle
Circle was founded in 2013 by Jeremy Allaire and Sean Neville, both of whom had experience in the technology and financial industries. The company’s initial focus was on using blockchain technology to create a new kind of digital currency that would be more stable and easy to use than bitcoin. However, after some experimentation, the company decided to pivot to a broader range of cryptocurrency-related products and services.
In 2014, Circle launched its first product, Circle Pay, a mobile payment app that allowed users to send and receive payments in multiple currencies, including bitcoin. The app was initially popular among bitcoin enthusiasts but struggled to gain traction among mainstream consumers.
In 2015, Circle raised $50 million in a funding round led by Goldman Sachs, which valued the company at $200 million. The funding allowed Circle to expand its product offerings and begin targeting institutional investors and other high-volume traders.
In 2016, Circle launched Circle Trade, an over-the-counter trading desk that allowed institutional investors to buy and sell large quantities of bitcoin and other cryptocurrencies. The company also began offering its services in multiple countries, including the UK and Hong Kong.
In 2018, Circle acquired Poloniex, a cryptocurrency exchange, for a reported $400 million. The acquisition allowed Circle to expand its offerings to include a broader range of cryptocurrencies and trading services.
Also in 2018, Circle announced the creation of USDC, a stablecoin that was developed in partnership with Coinbase. USDC is pegged to the US dollar and can be used for payments, trading, and other transactions on various blockchain networks.
In 2019, Circle announced that it was spinning off Poloniex into a separate company, citing regulatory uncertainty as the reason for the move. Circle continued to focus on its core products, including Circle Pay, Circle Trade, and USDC.
Today, Circle is one of the largest and most well-known companies in the cryptocurrency industry, with a wide range of products and services aimed at both retail and institutional investors.
How Circle works
Circle is a cryptocurrency company that offers various services related to cryptocurrency. Here’s how it works:
- Circle offers a mobile app and website where users can buy, sell, and store cryptocurrencies like Bitcoin and Ethereum.
- To use Circle’s services, users need to create an account and complete a verification process that includes providing personal information and identity verification.
- Once the account is set up, users can deposit funds into their Circle account using bank transfers, debit or credit cards, or cryptocurrencies.
- Once funds are deposited, users can use the Circle app or website to buy or sell cryptocurrencies. Circle charges fees for these transactions.
- Circle also offers a feature called “Circle Invest,” which allows users to invest in a selection of cryptocurrencies through a portfolio.
- Additionally, Circle offers a service called “Circle Pay,” which allows users to send and receive money in various currencies. This service also allows for peer-to-peer payments with friends and family.
- Circle has a subsidiary called USDC, which is a stablecoin that is pegged to the US dollar. This means that the value of USDC always remains close to $1, which can be useful for traders and businesses that want to avoid the volatility of other cryptocurrencies.
Overall, Circle aims to make it easy for individuals and businesses to access and use cryptocurrencies through its various services.
Can Сircle be trusted
Circle has been around since 2013 and is a well-established cryptocurrency company. It is regulated by various financial authorities, including the Financial Conduct Authority (FCA) in the UK, and has partnerships with reputable companies such as Visa.
Circle also has a strong security track record, with no major security breaches reported. The company uses advanced security measures, such as multi-factor authentication and encryption, to protect user accounts and funds.
However, it’s important to note that the cryptocurrency industry as a whole is relatively new and unregulated, and there is always a risk involved in investing in or using cryptocurrencies. Cryptocurrencies are subject to market volatility and the value of cryptocurrencies can fluctuate rapidly, which can result in significant losses.
Ultimately, whether or not to trust Circle depends on your personal risk tolerance and investment goals. It’s important to do your own research and carefully consider the risks involved before investing in or using any cryptocurrency-related services.