Circle to Compete With Venmo and Coinbase

Boston company plans to launch whole "family of products"
28 February 2018   962

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, or Robinhood’s latest crypto offering.

Jeremy Allair

CEO, Circle

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.

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   153

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.