Goldman-Backed FinTech Startup Circle Adds Monero (XMR) Support to Its Zero Commission Crypto Investment App

Siamak Masnavi
  • The Boston-based startup has introduced Monero (XMR) support for its zero-commission crypto investing app "Circle Invest".
  • The move comes roughly one week after Circle added Zcash (ZEC) support to this app.
  • Currently, "Circle Invest" is available only to customers in United States.

FinTech startup Circle Internet Financial, which is backed by venture capital from investment bank Goldman Sachs, announced on Monday that it had added support for privacy-focused cryptocurrrency Monero (XMR) to its zero-commission cryptocurrency investment app "Circle Invest".

Boston-based Circle, which was founded in October 2013, until relatively recently, was best known for its mobile peer-to-peer payment app "Circle Pay". Then, on March 2013, it announced that it was launching another mobile app, called "Circle Invest", for zero-commission trading of cryptocurrencies. The app, which is only available to customers in United States (initially, all states except NY, MN, HI, and WY), started its life with support for five cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and Ethereum Classic (ETC). 

Then, on 30 April 2018, Circle, which is only one of four companies in the world to have a BitLicense (required for any company wishing to engage in crypto-related business activity affecting residents of New York state), said it was now also available to customers in the state of New York, and it they had added support for trading another cryptocurrency: Zcash (ZEC).

And now, they have added support for Monero (XMR). Here is how senior product manager, Rachel Mayer, announced the news on Circle's official blog:

Last week, we welcomed Zcash to the coin family on Circle Invest. Today, we continue to grow our coin collection by supporting Monero as our new listed crypto asset. This brings our investable crypto assets to a total of 7 coins, making Circle Invest one of the only platforms you can invest instantly and seamlessly in the widest breadth of coins by using your bank account.

Rachel Mayer, Circle Senior Product Manager

The way that Circle is able to make money from its customers' crypto trading activities is through a 1.5% - 2% buy-sell spread:

While Circle Invest does not charge commissions per trade or any trading fees, the buy price and the sell price you are quoted on Circle Invest are different (often referred to as the spread). Generally, you can expect to see on average a 1.5%-2.0% difference between the two prices, sometimes lower and sometimes higher depending on market conditions.

Circle

Earlier this year, on 26 February 2018, Circle announced that it had acquired US-based digital asset exchange Poloniex, which was the first exchange to achieve $1 billion in daily volume.

At press time, according to data from CryptoCompare, Monero is trading at $230.40.

 

Ethereum Co-Founder Tells Binance CEO Crypto Can Do More Than Reform Money

Ethereum co-founder Vitalik Buterin has told Binance CEO Changpeng Zhao that cryptocurrencies can do more than just “reform money,” adding the crypto community should expand beyond the finance mentality.

In a tweetstorm, the co-founder of the second-largest cryptocurrency by market capitalization argued that some of the most popular narratives in the cryptocurrency space do not apply to this year’s crisis. Per Buterin, while Bitcoin was created n the aftermath of a global financial crisis in 2008, this year we’re dealing with a “virus crisis,” a crisis related to epistemology, and one of “overbearing policing.”

As a result, he said, the narrative bitcoiners user surrounding inflation is not the best one to use right now, taking into account that while the Federal Reserve’s balance sheet has been growing, inflation isn’t.

Buterin added, pointing to the March crash in equity markets and in the cryptocurrency space, that Bitcoin and other cryptos are also not uncorrelated to traditional assets, as at the time both dropped significantly. While Bitcoin has since recovered to give investors positive returns YTD, the S&P 500 has been struggling to climb back up to its highs.

Nevertheless, Buterin argued that it is time for the cryptocurrency community to understand “finance is relatively less important this decade than it was in the last decade,” and adjust to this new reality. The co-founder of ETH added his cryptocurrency already has various applications that go beyond finance, including governance, decentralized communities, censorship-resistant publishing and communication, and more.

Per his words, stablecoins have succeeded in the space because users are not trying to get away from the U.S. dollar, but are instead moving into the cryptocurrency environment to have more options on what they can do with their own money.

He then pointed to a tweet from Binance CEO Changpeng Zhao arguing “Bitcoin is the peaceful protest,” and claimed that “reforming money is not sufficient” and the crypto community needs to expand its mentality.

Buterin went on to say that 2016-.2020 is a “period of ideological realignment. Many old ideologies and coalitions are dying, and many new ones being born. The hills and valleys on the battlefields are shifting.”

Featured image via Unsplash.