Blockchain startup Circle plans to open source project CENTRE that will be aimed to connect different digital wallets in order to facilitate money transactions. The major peculiarity of CENTRE is working with fiat money not cryptocurrencies while it is decentralized and open source based on blockchain technology.
“What’s needed is a way to issue fiat money in cryptographic tokens and protocols and network schemes to allow for the instant settlement and exchange of those in a safe, compliant way and in a way that meets business needs and obligations,” Circle cofounder and CEO Jeremy Allaire said.
The main target of the project is to provide cheap, fast and secure services to users. “Meet CENTRE: a foundation, open source project, protocol, and network aimed at breaking down the barriers which cost us money and time to connect to each other financially,” Jeremy Allaire added in blog.
In future thanks to CENTRE any user of digital wallets as PayPal, Venmo and etc. will be able to communicate or make transaction to user of another wallet provider in spite of currency. It will be realized by Centre tokens (CENT).
According to white paper of CENTRE “The CENTRE Token, in addition to its other uses (such as accessing the service provider protocol), provides a way for wallets which have no fiat tokens in common to transact, as they will be able to use CENTRE Tokens to obtain the needed fiat token in common to transact. Circle is planning to create a CENTRE Foundation to spearhead development of the initiative, and the establishment of that nonprofit group is expected to happen in the coming months.”
It stands to mention that in December 2016 Circle announced its intentions to focus on using blockchain technology for secure money transfers. In order to realize these plans Circle stopped bitcoin trading via the platform but allowed to keep the digital currency in bitcoin wallets. Moreover, Circle informed about partnership with Spark, a smart contract platform using for network transactions.
Earlier in 2016, Apple chose Circle as one of the third-party apps for its iMessage. At the same time, Circle began to spread its operation and with the support of Barclays updated its apps for Android, iOS, and the Web for the UK citizens.
Circle rapid development isn’t unexpected because Circle Pay is one of the best startups and has already raised $136 million from world known companies as Goldman Sachs, Pantera Capital, Breyer Capital, Digital Currency Group, Accel Partners, and Oak Investment Partners.
Moreover, Circle become the first company to get a bitcoin license from New York State’s financial regulator.