CEO Circle Jeremy Allair said that in the immediate plans of the Boston company the creation of a new "family of products" and competition with such well-known players in the payments and digital currencies market as Venmo, Coinbase and TransferWise. This is reported by Yahoo Finance.
On Monday, February 26, it became known that Circle had purchased a popular $ 148 million crypto exchange, Poloniex, but the company's plans went much further.
The most famous Circle Pay product is the Circle Pay payment application, but in addition, the company also owns CircleTrade - an OTC trading platform for bitcoins and other crypto-currencies, which does not aspire to loud advertising. Target audience of CircleTrade are large investors, and the minimum order amount on the platform is $ 250,000.
I’d say in the social payments space, it’s companies like Square Cash or Venmo. In cross-currency payments, which we enable people to do instantly for free, it might be a company like TransferWise. Circle Invest, which is not yet launched, will compete certainly with products like Coinbase.com, or Robinhood’s latest crypto offering.
The mentioned companies have their differences, and not all of them are related to crypto-currencies, but they also have one common feature - work in the field of mobile payments that are gaining popularity.
Also, the company plans to launch the Circle Invest application, which will focus on studying the investment behavior of clients when trading the leading digital assets. This is where the first point of contact with Poloniex takes place - according to the head of the company, Circle will use the exchange to improve services for crypto investors.
He also noted that each of the products listed will compete with different fintech companies with more well-known brands to date.