CENTRE is a new digital wallet service, still in its infancy, that is designed to provide universal access to all cryptocurrencies and facilitate transfers between them in ways that are currently impossible with today’s current iteration of crypto wallets.
What Is CENTRE?
Originally a wholly-owned subsidiary of Circle, a payment processor that’s a competitor to other digital fiat currency wallets like PayPal, CENTRE has since spun off and is now a complete and independent entity unto itself. Circle as an entity is now considered a founding member of the new spinoff company, with Circle staff that had been overseeing its development and implementation still serving in these same roles.
This includes individuals such as Jeremy Allaire and Sean Neville, Circle co-founders. Other Circle staff involved in the process are former employees of major technology or fintech companies like Adobe, eBay, Expedia, AirBnB, Google, Square, Amazon, and Goldman Sachs.
While not yet released, CENTRE will have the capability to facilitate both fiat currency and cryptocurrency transfers between platforms that normally do not support interconnectivity. Through the careful use of smart contracts, individuals can send, for example, a certain amount of Bitcoin from their digital wallet through the CENTRE system, which will then convert it to USD, GBP, EUR, or another fiat currency to a second user’s PayPal account.
Transfers between exclusive crypto wallets will also be possible, with direct transfers of Bitcoin to Ethereum or and vice-versa also possible by using CENTRE.
The opportunity presented by CENTRE is to streamline and standardize cryptocurrency transfers, as well as fiat-to-cryptocurrency and crypto-to-fiat transfers, across as many systems as integrated within the platform. This saves time, effort, and in the case of fees, money.
While still in development, CENTRE is something to most certainly keep an eye on as a possible game-changer down the road.