Circle Pay is a mobile app that lets users send money to their contacts securely and without having to pay a fee. They announced on Thursday its mobile app will be discontinued. Circle was founded in 2013 with the idea of making payments with cryptocurrency as easy as using apps like Venmo and notably in 2015; it became the first company to earn New York’s controversial BitLicense. The company also released a bitcoin wallet in 2014 that was the basis for what became Circle Pay.
The company announced a multi-phase wind-down wrapping up on September 30 via a blog post. At the future date, the remaining funds will be turned over to states or countries, in accordance with local laws. Also revealed was that from Monday July 8, only withdrawals will be allowed on the app.
Circle spokesman Josh Hawkins told CoinDesk via email:
“Circle Pay is a popular social payment app that has seen significant organic growth over the years across the U.S. and Europe. But now that we have USD Coin and an open, interoperable stablecoin standard through CENTRE, it makes sense to sunset our first-generation effort and transition full focus to wallet services that take a bigger step toward reaching our original vision for a free, open and transparent global payments network.”
On the day that CENTRE, the consortium created by Circle and Coinbase to advance USDC began opening itself to new members was when the news came. The company has seen stablecoins as a better focus even though the five-year-old product saw much demand.
CEO Jeremy Allaire told Wired in 2015 when the app first integrated fiat payments, “If I say I believe in the bitcoin movement and I want to hold bitcoin instead of dollars, but a friend doesn’t necessarily care about bitcoin … Circle will convert any money that friend sends me to bitcoin.” In 2017, Circle made withdrawals to debit cards from the Pay app free. Since inception individuals, institutions and entrepreneurs have been offered a platform to trade, invest and raise capital using open crypto technologies by Circle pay.
This decision to wind up has however been thought through and planned out. The company had already announced activities in recent months that included 30 layoffs in May and their other cost-cutting measures unmentioned. Circle Pay often regarded as ‘the future of crypto,’ was home to over 29 countries with the use of US dollars, Pounds and Euros.
Credits- Bradley DaleJOIN OUR COMMUNITY