Circle Pay, Circle’s Mobile App, To Be Shut Down This September To Focus On Stablecoins
Circle Pay, Circle’s Mobile App, To Be Shut Down This September
Circle has made an announcement that saddened some of its users today. Circle Pay, the mobile app of the brand, is ready to be discontinued. On a blog post, the company affirmed that the service would be shut down on September 30.
People who still have funds on the app will be able to withdraw them, but starting from July 8 onwards, they will not be able to deposit anything on their accounts anymore.
The spokesman of the company, Josh Hawkins, talked directly with Coindesk. According to him, Circle Pay was a popular app and it had significant growth, so it was not possible to call it a failure.
However, now the company is considerably more interested in focusing more on other wallet services. Stablecoins will be a bigger focus for the company right now, hence the decision to take this important step forward and start this transition to a new view in the company.
This, he affirmed, could make the company become closer to its vision of having a free and open global payment network that could deliver to the clients what they needed the most.
While it is clear that Circle is focused on its stablecoin, you should remember that the company owns Poloniex, a crypto exchange, so it will not completely focus on it, as the other branches of the company are focused on similar apps and trading.
Poloniex recently acquired SeedInvest, a regulated trading system and there are some rumors floating around that Circle might be looking for a banking license, but nothing is solid yet.
The company announced the tragic news after CENTRE, a consortium created together with Coinbase, was launched.
Circle also faced 30 layoffs recently, so the situation in the company is far from secure and clear to everybody involved. The reason for the layoffs was the “regulatory climate” in the U. S. The company was supposed to wait some time before investing in some other areas as the market was considered somewhat unstable.
Another sign that the company might not be facing the best of times right now is that it has lowered its fundraising goal of $250 million USD to only $150 million USD recently.
Circle has a lot of experience in the area. The company was created in 2013 with the goal of making crypto payments easier and inspired by companies such as Venmo. The company was pretty successful, as it was the first one in the crypto industry to get the valuable New York BitLicense to operate in the state back in 2015.
The first BTC wallet of the company was launched in 2014. This wallet became the foundation of what the now doomed Circle Pay app was. Back in 2015, the CEO of Circle, Jeremy Allaire, affirmed that the service was useful because you could easily turn BTC payments into USD and vice versa, so people could hold whatever they wanted.
Until now, Circle Pay was available in 29 different countries, including the U. S., the U. K. and some countries in the European Union.