Bitcoin Banking Service Circle Opens its Doors to Global Public

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Hotly anticipated bitcoin banking service Circle Internet Financial has just launched its service in the US. After a beta testing period spanning several months, the digital money platform is now available for American users. Jeremy Allaire, the CEO of the Boston-based startup, explains in a blog post that Circle banking is designed to make bitcoin accessible for as many people as possible. He says,

[Circle] create[s]an experience that is fast, beautiful, and enjoyable to use… [It is designed to] reduce the friction that so many people – even sophisticated, technology-savvy people – often experience in acquiring and spending Bitcoin. Starting today, people can onboard into a Circle account and begin using digital money within minutes, not days.”

Circle is attempting to make banking and paying with bitcoin mainstream, tapping into the huge market of people who do not yet transact with cryptocurrencies. While on the surface it appears similar to other available bitcoin wallets, its business strategy differentiates itself by making the bitcoin transactions conducted on its interface as legitimate as possible. The startup is promising to fully insure the deposits of all of its users, and Circle’s design is intuitive enough that anyone new to bitcoin can still understand how to use the service.

While time will speak as to Circle’s long-term success, the company appears to have a solid development strategy. Armed with 25 million dollars in venture capital, Circle is looking to become a trusted financial institution that is able to compete with the legacy of the traditional banking system.

Circle is just one in a wave of bitcoin businesses aimed at bringing a new type of casual user on board. The cryptocurrency will only ever achieve mainstream success when this next generation buys into bitcoin.

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