Circle Closes Peer-to-Peer App to Focus on Stablecoins and Wallet Tech

Crypto unicorn Circle is shutting down its Circle Pay app in July to focus on stablecoins and developing new wallet services. The company believes blockchain is the future of finance and that stablecoins provide a way to transfer fiat value over blockchains without the risk of cryptocurrency volatility.

Circle Discontinues Circle Pay App, Pivots Focus to Stablecoins and Wallet Development

San Francisco, California - June 13, 2019 - Cryptocurrency unicorn Circle has announced the impending closure of its Circle Pay app in July 2019. The decision marks a strategic shift for the company as it prioritizes its stablecoin offerings and wallet infrastructure.

Rationale for Closure

Circle has attributed the closure of Circle Pay to the growing adoption of stablecoins, which provide users with the convenience of fiat value transfers without the volatility associated with cryptocurrencies. The company believes that USD Coin (USDC) and similar stablecoins have emerged as more efficient and risk-averse vehicles for fiat value transfer over blockchain networks.

Mission Redefined

"As we sunset support for Circle Pay, we remain resolute in our mission to revolutionize global financial services through blockchain technology," stated Circle in its official announcement. "Circle Pay was a trailblazing social payment app that paved the way for our current pursuits."

Encouraging Fund Withdrawal

Circle has urged all Circle Pay users to withdraw their funds as soon as possible. The company has established the following deadlines for the phased closure:

• June 30, 2019: Circle Pay will cease accepting new transactions.
• July 31, 2019: Circle Pay will permanently shut down.

Impact of Crypto Bear Market

Circle's decision to close Circle Pay comes amidst the prolonged crypto bear market, which has seen the value of Bitcoin and other major cryptocurrencies plummet by over 80% from their all-time highs. As a result, many cryptocurrency startups have been forced to undergo restructuring and downsizing.

Background Information

Circle is a peer-to-peer payments technology company founded in 2013. It is backed by Goldman Sachs and operates the cryptocurrency exchange Poloniex. Circle is known for its focus on regulatory compliance and its commitment to developing stablecoins as a bridge between traditional finance and the blockchain ecosystem.

Continuing Commitment to Innovation

Despite the closure of Circle Pay, Circle remains steadfast in its pursuit of blockchain-based financial solutions. The company is actively developing new wallet services and exploring partnerships with other players in the cryptocurrency industry to further its mission of creating a global crypto financial infrastructure.