Circle Launches New Cryptocurrency Trading App

Circle, a Goldman Sachs funded payment transfer company, recently announced the launch of its mobile app that allows its users to buy and sell cryptocurrencies right from their phones.

The app is from the company’s Circle Invest division, and comes a few weeks after Circle made the announcement about acquiring the popular cryptocurrency exchange, Poloniex. Yes, it seems like Circle is poised to be able to make a few moves as it seems to be one of the most legally compliant players in the sector, under the wing Goldman Sachs and one of the few players in the market who have the Bitlicense.

The new app from circle will allow users to trade cryptocurencies easily

The app was rolled out as early access availability to all U.S. residents except for those in New York, Minnesota, Hawaii, and Wyoming. The residents of these States will be able to avail the offerings by Circle Invest once the company finalizes additional regulatory requirements with the authorities of these States – while the company specifically mentioned that it will be available in NY very soon.

Circle mentioned that it has ensured to keep the app simple to use and without adding any cluttering features that will put off an everyday user due to being too complicated for a mobile app.

The company stated that for this very reason, the features in the app have been kept simple so people could know how to easily buy and sell multiple cryptocurrencies without getting confused between features that they might not even use.

The app will offer five popular cryptocurrencies to begin with, namely Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, and Litecoin.

Circle is also expected to launch its fully fledged cryptocurrency exchange operations in a few months, leveraging Poloniex’s infrastructure.

About Circle and User friendliness

The company wants to bring crypto to the general population without making it seem like one big giant puzzle. They invite the user to their website with their tag line “Crypto without the cryptic”. Being able to bring more user friendly applications to the cryptocurrency world only makes it easier for further adoption, spurring about more interest and growth in the slowly decentralized world. Circle states “It’s here. Crypto investing that’s actually built around investing. Not wallets. Not FOMO. Not trends. Well, that’s bold.” Bold, indeed.
Circle seems to going the way of Robinhood, in a sense, as it is not going to be charging commissions and promises that one can send money like a text, with no fees and no borders. Zero commissions.
So, how does Circle make money?
They make money through leveraging their trading desk, “While Circle Invest does not charge commissions per trade or any trading fees, the buy price and the sell price you are quoted on Circle Invest are different (often referred to as the spread). Generally, you can expect to see on average a 1.5%-2.0% difference between the two prices, sometimes lower and sometimes higher depending on market conditions.”
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By | 2018-03-16T02:50:22+00:00 March 16th, 2018|News|0 Comments

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