Bitcoin bank Circle is open for business starting Monday, September 29. The online company is the creation of Jeremy Allaire, formerly of Netscape, and Sean Neville. Circle is one of numerous bitcoin operators including Coinbase and has received the blessing of Silicon Valley in the form of $25 million from various venture capitalists. The new biotin exchange company is poised to compete with already existing bitcoin banks and PayPal subsidiary Braintree for existing bitcoin users as well as encouraging new users to join the bitocoin world. Circle’s easily accessible interface allows the technologically challenged to buy and exchange bitcoin easily. Joining the system is as easy as providing an email address and password. The company is also easing fears of bitcoin instability by insuring the currency.
Circle offers services in 7 languages and hopes to launch Apple and Android apps soon. The company has emphasized its global goals in the blog launch announcement available on its website. Users are able to convert money into the crypto-currency directly from bank accounts and credit cards. Transfers and exchanges occur practically instantly. The co-founders clarified in a joint blog post that Circle is a consumer-oriented product, not meant for the speculative aspects of bitcoin exchange. The company is also operating with no transaction fees for consumers; withdrawals, deposits, storage and insurance of currency are all free.
The benefit is going to be for people who want to use an online service, and don’t want to worry about managing and securing private keys and so forth. They can store as much as they want, there’s no fees, and it includes all the offline storage we provide as well as full insurance on all deposits.”
Read More – Bitcoin Goes Mainstream: Circle’s Payments Make Cryptocurrencies easy (Guardian, Alex Hern)