Bitcoin company Circle Financial recently announced it’s expanding into Spain and Ireland. The firm is also focused on pricing aimed at “consumer value exchange” with a vast array of currencies.
Circle Financial Available to Spain and Ireland Residents
Founded in 2013 by Sean Neville and Jeremy Allaire, Boston-based Circle Financial has continued to move in the Bitcoin industry. The ambitious company has created a reputable platform for buying and selling bitcoin and has also introduced storage for fiat currencies.
To date, the startup has raised US$146 million and just recently received another $60 million. This past week, Circle also introduced its social payment application to Spain and Ireland.
Residents from these countries can now connect both Spanish and Irish bank accounts to receive digital currencies. Circle said people from the region can send and receive payments, get euro support, and get a competitive exchange rate with zero fees. Founders Jeremy Allaire and Sean Neville stated during the announcement:
Our product launches in Spain and Ireland take another step toward realizing our vision of instant, global, free and fun consumer payments. As an EU-licensed E-Money Issuer, Circle is committed to serving all of the 500M+ European consumers in the EU/EEA, and we will be adding more countries over the next several weeks and months.
Circling the Globe
At the end of June, Circle Financial raised $60 million from Chinese investors and announced its global vision. The firm also reported that since it has worked with the U.S. and U.K. in the past, it will work with other countries’ regulators. With its strategic partners in China, the company is focused on scaling operations in Beijing.
The Chinese operation will be another subsidiary of the business called “Circle China.” At the time of the announcement, the firm explained its effort to promote “benefits of open, global, blockchain-powered social payments to Chinese consumers.”
Circle’s founders explained that traditionally, those sending value and currencies across the world users are charged “enormous fees.” For instance, the company says that with a typical wire transfer banks add 3-4% on top of the market rate. Additionally, these financial institutions also add a one-time fee to the balance. While incumbents charge nearly 10% above market rate, fintech companies have dropped this to 1-2% above the market. Circle said it wants to offer the best possible rate globally by only charging 0.2%-0.3% above current rates.
Frictionless & Social
Circle aims to make exchanging digital money as effortless and as fun as social media. The firm also recently integrated with Apple’s iOS 10 iMessage platform, enabling users to exchange bitcoin and fiat currencies over SMS. When a user connects a bank account or debit card to Circle, it wants users to feel the combined familiarity with payments and messaging behaviors.
Circle’s expansion into Spain and Ireland adds more reinforcements to the company’s global conquest. Bitcoin proponents worldwide will now have more avenues to purchase and sell the cryptocurrency, as the company slowly works its way into each country. Though taking its time working with officials and regulations, Circle Financial is on a fast track to achieving its vision. Low fees and inclusion in every country will help with this goal.
“Over the long run, we believe that the ‘spread’ paid by consumers when exchanging value across currencies will not only approach zero, but reach zero, just as the cost of a voice chat, a text message, and an email have reached zero,” said Circle founders Sean Neville and Jeremy Allaire.
What do you think about Circle offering services to Ireland and Spain? Let us know in the comments below.
Images via Shutterstock, Pixabay, and company blog.
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