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October 16, 2018

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Circle’s Confidence in Crypto

 

 

Circle, the venture-backed, highly-successful company that’s been working hard to revolutionize how we make payments is adding ZCash to its already successful payment app.

 

Overall, Circle now offers the opportunity to easily invest, instantly in six cryptocurrencies, through its crypto-app. Specifically, in addition to ZCash, support exists for Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.

 

It appears that Circle’s future roadmap for its crypto-app, which is called “Circle Invest,” includes adding the functionality needed to invest in most existing cryptocurrencies and crypto tokens. As of now, it’s unclear exactly how many coins and tokens this will be.

 

It is quite clear, however, that Circle plans to make crypto-investing as user-friendly as they possibly can as their mission for the app is stated to be making it fair and easy for anyone to do so. In doing this, they’ve brought together some kind of group of professionals to help the company choose which crypto coins and tokens will be best for the app’s future, but reportedly, Circle declined to provide more specifics on this group.

 

With the app in its relative early stages, having launched only last year, it is also promising that almost every US state is already supported, with only Minnesota, Wyoming, and Hawaii apparently still blocked.

 

In addition to working with regulators to have states and countries legally supported, Circle has been straight forward related to their aim to only support crypto that fits into their ideas of what should be acceptable by regulators. Therefore, if a coin is deemed to be more in a grey area related to global legality, it appears that Circle would pass it up.

 

With this in mind, it is striking that ZCash was chosen, given its reputation as a privacy coin that uses zero-knowledge proofs to make every transaction essentially, completely anonymous. As of yet, it’s not clear what Circle’s rationale is for ZCash fitting into their ideas related to regulatory acceptance.

 

Even so, with their support of six of the largest cryptocurrencies by market cap, as well as the stated desire to add more in the near future, Circle might become the industry’s new and improved Coinbase. If Circle can effectively market to users that are already dissatisfied with Coinbase’s relatively high fees as well as high wait times for withdrawals and transfers, the future of Hodling could prove to be all the more competitive.

         

 

By: BGN Editorial Staff

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