The brand-new, invitation only digital currency firm is a one-stop-shop for users to store their digital assets and subsequently transfer, spend and receive via SMS or instant message. Basically, Circle is making digital transactions as easy as possible.
While still in their rollout phase, Circle announced this week that it will receive $17 million in funding from multiple investors including the Bitcoin hedge fund, Pantera. But their newness does not mean that Circle can’t, or won’t, be a major force in the way people conduct their financial business online. Founder and Chairman Jeremy Allaire told Business Insider that using Circle will be just like using your phone.
“The metaphor for the user interface is not so much like a wallet or bank account, but much more similar to sending and receiving emails texts, like Skype — but in the context of digital assets,” Allaire said.
Circle’s founder, Jeremy Allaire. IMG: via Circle.
“The metaphor is less ‘I’m buying and selling,’ or storing some money and more ‘It’s really powerful to use, I can use it with my friends, especially as more business establishments start accepting it.’ We expect Bitcoin will go viral.”
Circle believes that open standards and open sourcing are the backbone of Bitcoin and the only way for users to get the most out of the product. They plan on collaborating with a broad selection of developers and companies around the world who share the same ideals and standards regarding technology and open source networking.
Circle hopes to attract a larger user base (other than the typical “male geek”) that includes individuals, companies and charities. Eventually, Circle will go off their invite only model and offer access to the general public.
