Goldman-backed cryptocurrency startup Circle has announced in its blogpost the launch of its Circle Invest in the US. The app is available in the App store and Google Play for users from 46 states with exception of New York, Minnesota, Wyoming and Hawaii.
While residents of Minnesota, Wyoming and Hawaii are excluded from the group of potential mobile brokerage platform users due to some regulatory restrictions, it is promised that New York will be granted with access in the nearest future.
The company invites experienced crypto professionals as well as beginners to join their platform and enjoy all the benefits of their fast, cheap and simple way of investing into digital and crypto assets.
Circle Invest isn’t exactly an exchange as we are accustomed to as most of the complexities that usually frighten newcomers on full-fledged exchanges are not shown. There are no limit orders and users can’t see an order book. Users are able only to deposit and withdraw funds, and practice purchasing and selling of cryptocurrencies at market prices.
Currently, Circle Invest supports the most popular cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ethereum Classic. But the team promises that some other altcoins will be added to this list.
Due to its functionality Circle Invest can be compared with Coinbase as it is a quite simple service for buying cryptocurrencies that doesn’t have any complex operations but the main advantage of the new service is that it is free of any fees.
On Circle, ACH transfers as well as exchanging USD on user’s account are free. Purchasing of cryptocurrencies is available instantly for transfers below $10,000. If your transfer is higher than this sum, you’ll need to wait a few days. But after that you will be able to buy cryptocurrencies without fees. Nevertheless, you should take in consideration a 1.5 to 2 percent spread between buy and sell price.
As you probably know, Circle Invest is not the only project of the company. It is widely known for its consumer-facing Circle Pay app and a trading desk named Circle Trade that is connected to a wide range of exchanges and ensures liquidity to these exchanges and major cryptocurrency investors.
Last month, the company acquired digital token exchange Poloniex due to which expanded its services portfolio offering additional support for cryptocurrencies and providing its customers with enhanced experience. The team promises to continue its work on improving the infrastructure of Poloniex and has some plans to launch its own full-fledged exchange in the future.
Recently, it has become known that Circle will hire 100 people as it is going to expand its newly acquired exchange Poloniex. Circle will need 25-35 new employees to grow its business in Asia. It will expand its staff in Hong Kong and mainland China, and also create teams in South Korea and Japan.
Speaking about their future plans Circle co-founder Jeremy Allair said: “We want to offer more markets, more assets, we want to localize it, and launch it in more international markets and, critically, we need to work with the most important regulators”.
Circle stands out among its competitors as it is constantly expanding its services not forgetting to offer the most appropriated terms for its clients. Step-by-step the team is creating a full-stack blockchain company, from the trading desk to the peer-to-peer payment app in fiat currencies.