Circle to Compete With Venmo and Coinbase

Boston company plans to launch whole "family of products"
28 February 2018   397

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.

Web Traffic for Major Exchanges to Decrease Double

Estimates of the total number of visits to the trading sites based on web traffic show a sharp decline
23 March 2018   85

After the peak of attendance of crypto exchanges, which occurred in December-January, in February, users began to visit them twice more rarely. The same level of attendance was observed in November 2017. This is reported by with reference to the data of the Similarweb service.

So, if in December, 169.5 million visits were recorded at the Coinbase, and in January -123.5 million, in February their number fell by 49% to 63.1 million.

Coinbase Traffic
Coinbase Traffic

The indicator of Binance sank by 54%: from 191.5 million to 87.3 million visits.

Binance Traffic
Binance Traffic

Bitfinex had a 48% decrease from 35.4 million in January to 18.1 million in February, although back in December the exchange had 59.3 million user visits.

Bitfinex Traffic
Bitfinex Traffic

Kraken lost more than a half of its traffic for one month - 31.7 million visits in January dropped 13.8 million in February.

Kraken Traffic
Kraken Traffic

According to experts, the decrease in attendance is due to a decline in activity in the crypto-currency market in early 2018. In addition, traffic data on exchange sites may be associated with a general decrease in the number of transactions in the bitcoin network.