Circle launches its cryptotrading app in the US

Circle launches its mobile app to allow instant cryptocurrency trading with zero commission
15 March 2018   2396

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.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   559

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.