Circle is making great strides to expand after acquiring Poloniex exchange and is moving to the U.S through a new app “Circle Invest”. The app will let users trade a variety of crypto assets.
Circle Invest – Crypto App for Investors
The circle has launched a new crypto exchange app called Circle Invest, moments after acquiring Poloniex crypto exchange. Unlike many other crypto trading platforms that allow users to submit limit orders and access order books, the app only lets users deposit and withdraw fiat as well as buy and sell cryptocurrencies.
The app, which has a spread of between 1.5 to 2 percent, will later launch in more states in the U.S. However, four states don’t have access due to regulatory hurdles. It is most likely the same state out when Square was launching its Bitcoin in-app trading features recently, namely Wyoming, Hawaii, Georgia and New York. That said, it is likely the new app will compete with Coinbase in trading all cryptocurrencies. But also Square Inc in Bitcoin trading. The competition with Coinbase is certain given the company already acquired Poloniex exchange. Additionally, all the products are powered by the over-the-counter trading desk of a company.
Expansion in Emerging Market
Meanwhile, Circle recently announced plans to hire 100 people. This is to see Poloniex expansion in Hong Kong, Mainland China, South Korea, Japan, and other locations in Asia.
The announcement of App’s launch reveals in Circle’s website this Wednesday, supports a variety of cryptocurrencies. Namely Bitcoin, Bitcoin Cash, Ether, Ether Classic, and Litecoin. It is also available for iOS and Android platforms. With it, users can do instant cryptocurrency transactions below $10,000 and wait for a few days if the amount is higher than that.
Additionally, unlike Coinbase which charges 1.49 percent on Automated Clearing House (ACH), all ACH transfers on Circle are free. The company had a revenue of about $60 million between November 2017 and January 2018.