Circle (company) – Wikipedia

Peer-to-peer payments engineering company
Circle is a peer-to-peer payments engineering company. It was founded by Jeremy Allaire and Sean Neville in October 2013. Circle ‘s mobile payment platform, Circle Pay, allows users to hold, send, and meet traditional decree currencies. [ 1 ] In September 2015, Circle received the foremost BitLicense issue from the New York State Department of Financial Services. [ 2 ] [ 3 ] [ 4 ] In April 2016, the british government approved the first virtual currency licensure to Circle. [ 5 ] Circle is headquartered in Boston, Massachusetts. [ 6 ] up until December 2016, Circle Pay besides operated as a Bitcoin wallet service to buy and sell Bitcoins. [ 7 ] [ 8 ] [ 9 ] It has since ceased to provide such service, claiming the caller “ is immediately more than ever not a consumer bitcoin exchange, and will continue to focus resources on ball-shaped social payments and future next-generation blockchain technology “. [ 10 ] In February 2020, Circle sold its digital asset trade chopine to Voyager Digital. [ 11 ]

In July 2021, Circle announced a plan to merge with a special-purpose acquisition company called Concord Acquisition Corp. to go public, a bargain that values the company at $ 9 billion. [ 12 ] circle is the issuer of the USDC stablecoin. [ 13 ]

Funding [edit ]

The company has received over US $ 135 million in guess capital from 4 rounds of investments from 2013 to 2016, including US $ 50 million led by Goldman Sachs. [ 14 ] [ 15 ] [ 16 ] In April 2015 The New York Times reporter Nathaniel Popper wrote that the Goldman Sachs investment “ should help solidify Bitcoin ’ sulfur reputation as a technology that serious fiscal firms can work with. ” [ 17 ] In June 2016, Circle raised US $ 60 million in Series D fund backed by new and existing partners. [ 18 ] On May 15, 2018, Circle raised US $ 110 million in venture capital to create USD Coin, an Ethereum coin they claim is backed by USD. [ 19 ] [ 20 ]

Services and features [edit ]

As of 2015 a Circle history can be funded in USD via “ US-issued Visa and MasterCard credit and debit cards ”, US bank accounts. [ 21 ] As of 2016, european customers can besides use Circle in EUR and GBP. [ 22 ] Circle plans to peg the conversion rate to the US Dollar. [ 23 ] [ 20 ] Britain ‘s Financial Conduct Authority granted Circle an electronic money license in April 2016, expanding the use of Circle ‘s services to the United Kingdom and broadening Circle ‘s relationship with UK deposit Barclays. [ 24 ] In June 2016, Circle announced it will begin expanding its services to China, where CEO Jeremy Allaire believes “ there ’ s an opportunity for chinese consumers that want to share rate globally with friends in other parts of the worldly concern. ” [ 25 ] In December 2016 the Circle app stopped supporting the commute of bitcoin but still allows money transfers. [ 26 ] In October 2017, Circle launched a new avail for group payments and cash transfers to US accounts. [ 27 ] [ 28 ] In June 2019 it was announced that the Circle Pay mobile and vane apps would be discontinued on September 30. [ 29 ]

Acquisitions [edit ]

On February 26, 2018, Circle announced that they purchased Poloniex Cryptocurrency exchange for $ 400 million. [ 30 ] [ 31 ] Amid the developments around the skill, one of Circle ‘s leak documents detailing its plans on operate Poloniex revealed the company ‘s moves to become “ The US ‘s First Regulated Crypto Exchange ” supported by its reciprocal understand with the SEC.

While Circle announced the switch over would “ spin out ” in October 2019, [ 32 ] it was revealed one calendar month belated that Justin Sun, founder of Tron, led the acquisition of Poloniex. [ 33 ] In October 2018 SeedInvest announced they entered an agreement to sell to Circle, subject to FINRA ( Financial Industry Regulatory Authority ) approval. [ 34 ]

References [edit ]

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