Why Circle's Bitcoin 'Pivot' Isn't What it Seems
As you've likely heard, Circle announced this week that it had closed down its bitcoin exchange, a move the mainstream press interpreted as a "surprising" pivot away from bitcoin and another nail in the cryptocurrency’s coffin. The reaction is understandable, given Circle's significance in the bitcoin space. But it is wrong, on many levels: It is not a surprise. Nor is it a pivot. It is not a rejection of bitcoin. Nor is it bad news for the sector. Let's go through these points in order, and then take a look at the trend this news highlights. Retracing steps. The move is not unexpected:....
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Circle Internet Financial, once one of the best-funded early bitcoin startups, has announced it will no longer allow customers to buy and sell the digital currency. Confirmed today via an announcement in The Wall Street Journal and first revealed at last night in a customer update, Circle said it will now focus on using a soon-to-be-launched proprietary blockchain-based protocol called Spark. Customers can continue to store bitcoin using the Circle app, however, those who want to buy and sell digital currency will be directed to digital asset exchange service Coinbase, once one of Circle's....
Circle is switching their services to tackling the social payment space. Circle is a company entwined with Bitcoin for quite some years now. The company offers exchange services, as well as a wallet solution and money transmission capabilities. But Circle is halting their Bitcoin exchange services permanently to focus on blockchain-based services. All users can withdraw their funds to a different wallet, but buying or selling cryptocurrency will no longer be possible. It is a sad day for Bitcoin users relying on Circle to buy smaller amounts of cryptocurrency. After multiple years of loyal....
Bitcoin brokerage Circle Internet Financial is said to be raising as much as $40m in new funding. As reported by Fortune, Circle is raising the funds at a valuation of $200m, citing persons with knowledge of the negotiations. A representative for Circle declined to comment. The move, if confirmed, would represent Circle's largest funding effort to date. Circle raised $17m in a Series B round last year, following an earlier $9m in Series A funding from 2013. The funding would raise Circle's total investment to $66m. Circle
Bitcoin, digital currency and blockchain technology experienced another explosive year in 2016. While bitcoin breached the all-time high in USD market cap, several new digital currencies claimed a place in the spotlights as well, while the blockchain buzz arguably peaked it all. Of course, Bitcoin Magazine kept up with all of it. Looking back on 2016, we compiled three top 6 lists, with our best-read topics in technology, business and news. These were 2016’s six top developments in business, by popularity. 6: Circle Continues Its Move Away From Bitcoin. In a move that should not have come....
You could say there was a certain feeling that went beyond the news. On the surface, Circle's decision to stop offering bitcoin buying and selling services might have precedent. The company had long talked about its drive toward social payments, and its belief in the bitcoin protocol as a foundational layer for finance, not a currency for consumers. It may not even be that impactful. Circle will continue trading (buying and selling) bitcoin on behalf of its customers to move money, and it will continue using the protocol as the base for a new hybrid blockchian platform called Spark. Yet,....