Circle launches its cryptotrading app in the US

Circle launches its mobile app to allow instant cryptocurrency trading with zero commission
15 March 2018   2376

Circle has long been hyping up in cryptocurrency markets with its promise of zero-fee trading platform. Now, they launch Circle Invest in US except for NY, MN, HI and WY and release an app to allow users to instantly buy and sell cryptocurrency without any fees. The app is already available in AppStore and Play Store.

The app itself isn't a full-fledged exchange tool, because it hides most of the stuff present on one – you can't take a look at the order book and you can't submit limit orders. For now the functionality is limited to fiat deposits and withdrawals and buying and selling cryptocurrency at market prices. Currently Circle Invest supports Bitcoin, Bitcoin Cash, Etherium, Etherium Classic and Litecoin.

It seems awfully similar to Coinbase, you may say, and you would be right. The parallels are there, but there is also a crucial difference – Circle Invest lets you do all the same things, but for free.

For example, while fiat transfers to account are free on both platforms, on Coinbase you would pay 1.49 percent for exchanging USD to digital currency. On the other hand, Circle gives you an option to transfer up to $10,000 instantly, and anything above that sum takes several days to process, but after that you are free to change your USD to any presently supported crypto without any fees whatsoever.

Of course, on stock markets nothing comes truly free, and everyone knows that. The prices for buying and selling Bitcoin have a spread of about 1.5 to 2 percent between them, as stated by Circle.

The company is a hot topic in the news lately with the acquiring of Poloniex exchange, so we can expect a growing ecosystem around the app soon. That's the difference they promise to bring to the market. For example, Robinhood also provides zero-fee cryptocurrency trading, but they are only intermediaries between users and connected exchanges. In Circle's case, they plan to launch their own cryptoexchange, so the rumors about expansion to a full-stack blockchain company don't seems so far-fetched.

US Crypto Companies to Support TON in Case With SEC

The Blockchain Association said Telegram taken sufficient measures to ensure that the Gram token offer met SEC requirements
23 January 2020   114

The Blockchain Association, which combines companies such as Coinbase, Circle, 0x and Ripple, issued an expert opinion as part of the ongoing proceedings of the US Securities and Exchange Commission (SEC) with Telegram.

Previously, the Digital Commerce Chamber launched a similar initiative. The blockchain association, however, was more straightforward and stated that Telegram had taken sufficient measures to ensure that the Gram token offer met SEC requirements. According to members of the organization, the actions of the SEC can damage not only Telegram, but the market as a whole.

The Court should not block a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties. Doing so would needlessly harm the investors that securities laws were designed to protect.


The Blockchain Association

The Blockchain Association notes that for many years it has not been possible for SEC to obtain clear and unambiguous guidance for conducting activities in the cryptocurrency space, while the claims of the regulator make the current situation even more ambiguous. 

The SEC’s lawsuit also raises novel questions regarding whether companies are forbidden from raising funds from sophisticated U.S. investors, under well-established regulatory provisions, to build blockchain networks.


The Blockchain Association

They cite examples of startups TurnKey Jet and Pocketful of Quarters, in respect of which the regulator recommended not to apply legal measures, adding that such litigations inevitably involve high costs and do not guarantee industry participants that they will not be prosecuted in the future.

Telegram discussed its plans with SEC staff for a year and a half, provided copious information and responded to limited feedback by adjusting the design of its transaction. Yet, at the end, the SEC has sued, and the SEC’s briefs thus far say nothing about the substance of those discussions. 


The Blockchain Association

In conclusion, the group asks the court to “reject the SEC’s arguments that the not-yet-in-existence Grams were securities at the time of the Purchase Agreements.”