Circle to close its payment app and focus on new financial products

Team Circle announced on 13 June about starting the process of sunsetting support for Circle Pay. However, Circle would continue to create new financial services.

Team Circle emphasized that the future of finance would be built on blockchain technology. Team Circle noted that over its five-year lifespan, Circle Pay was a successful social payment app. Team Circle further added that Circle Pay had clarified the path forward by highlighting the robust, global demand for people to exchange value. However, that requirement largely relies on interfacing with the traditional financial system and fiat currencies.

Team Circle quoted –

“With the creation of fiat tokens and stablecoins such as USD Coin (USDC), people can seamlessly transfer fiat value over blockchains without the risk of cryptocurrency volatility, making peer-to-peer payments instant, global, secure, and free, significantly advancing our original vision and providing more global seamless opportunity for people around the world. As such, we believe that it is appropriate to retire Circle Pay at this time.”

Team Circle vouched to continue to work toward connecting every individual on the globe through a financial system built on digital assets and blockchain technology. While informing on what Circle Pay customers should do, Team Circle recommended all Circle Pay customers to cash out their funds. Customers who currently own Bitcoin (BTC) in Circle Pay were also urged to send their funds to another wallet such as Poloniex.

Team Circle noted that over its five-year lifespan, Circle Pay was a successful social payment app.

While informing on other important details, Team Circle informed about withdrawal delays and Bitcoin Cash/Bitcoin SV fork support. While customer funds are well-kept throughout this process, delays withdrawing funds may occur because of increased withdrawal activity. Circle would notify customers when the Bitcoin Cash and Bitcoin SV distributions would be ready to be withdrawn.

In May, Circle wanted to emphasize how recent inputs from US regulators are creating an uncertain environment for crypto assets, prompting Circle to take actions that all stakeholders find deeply frustrating. The heart of the argument for a forward-looking regulatory framework for crypto has long been that digital assets represent a fundamentally new class of financial entities.

While wrapping up on what is in store, Circle informed whether it was launching new wallet services, driving crypto adoption through Poloniex, or expanding ways entrepreneurs can raise capital on the internet through SeedInvest, Circle would play a leading role in making a global economy where more people and businesses could enter into diverse economic arrangements with anyone easily and profitably.