Location: United States
Business Model: Finance, B2C
Category: Banking, Finance, Financial Services, FinTech, Payments, Personal Finance
Geographic Markets: Asia, Europe, North America
Circle is a crypto powered financial technology company. Circle is backed by $136 million from investors including Goldman Sachs, IDG China, Breyer Capital, Accel and General Catalyst. Circle is building crypto enabled products and infrastructure for payments, investments, trading, and market infrastructure.
Circle makes money by charging a spread on the marketplace digital asset exchange, investment products, and trading volume.
The Due Diligence Report for Circle, prepared with crowd analysis and predictive algorithms, perfect for investment assessment, research and general in depth analysis.
IDG Capital Partners
Circle’s products include Circle Pay, a payment app; Circle Invest, a platform for investing in digital assets; and Circle Trade, which provides market-making services. The company plans to offer new products and services including credit cards.
Circle became the first cryptocurrency brand to receive a BitLicense, a certification of operation by the New York State Department of Financial Services. It was also the inaugural firm to obtain a digital currency license from the UK-based Financial Conduct Authority (FCA).
Circle started out as a bitcoin company that aimed to make bitcoin more accessible. In December 2016, the company cut support for buying and selling Bitcoin on their platform, and the company instead focused on offering a social payment service. Recently, Circle has strongly refocused its efforts in the cryptocurrency field through its newest service, Circle Invest.
On March 13, 2018, the company announced the launch of its crypto investment platform Circle Invest, which is currently available to US citizens in 46 states. This cryptocurrency investing app aims to provide retail investors with commission-free trading for five cryptocurrencies and has a similar price to the firm’s institutional desk.
Circle acquired Poloniex in February 2018 for a reported $400 million and has since announced plans to expand the acquired company in Asia, adding staff in Hong Kong and China, and by setting up teams in South Korea and Japan.
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