Circle Pay, Circle’s Mobile App, To Be Shut Down This September to Focus on Stablecoins

Circle-Pay-Circles-Mobile-App-To-Be-Shut-Down-This-September-to-Focus-on-Stablecoins

Circle Pay, Circle’s Mobile App, To Be Shut Down This September

Circle has made an announcement that saddened some of its users today. Circle Pay, the mobile app of the brand, is ready to be discontinued. On a blog post, the company affirmed that the service would be shut down on September 30.

People who still have funds on the app will be able to withdraw them, but starting from July 8 onwards, they will not be able to deposit anything on their accounts anymore.

The spokesman of the company, Josh Hawkins, talked directly with Coindesk. According to him, Circle Pay was a popular app and it had significant growth, so it was not possible to call it a failure.

However, now the company is considerably more interested in focusing more on other wallet services. Stablecoins will be a bigger focus for the company right now, hence the decision to take this important step forward and start this transition to a new view in the company.

This, he affirmed, could make the company become closer to its vision of having a free and open global payment network that could deliver to the clients what they needed the most.

While it is clear that Circle is focused on its stablecoin, you should remember that the company owns Poloniex, a crypto exchange, so it will not completely focus on it, as the other branches of the company are focused on similar apps and trading.

Poloniex recently acquired SeedInvest, a regulated trading system and there are some rumors floating around that Circle might be looking for a banking license, but nothing is solid yet.

The company announced the tragic news after CENTRE, a consortium created together with Coinbase, was launched.

Circle also faced 30 layoffs recently, so the situation in the company is far from secure and clear to everybody involved. The reason for the layoffs was the “regulatory climate” in the U. S. The company was supposed to wait some time before investing in some other areas as the market was considered somewhat unstable.

Another sign that the company might not be facing the best of times right now is that it has lowered its fundraising goal of $250 million USD to only $150 million USD recently.

About Circle

Circle has a lot of experience in the area. The company was created in 2013 with the goal of making crypto payments easier and inspired by companies such as Venmo. The company was pretty successful, as it was the first one in the crypto industry to get the valuable New York BitLicense to operate in the state back in 2015.

The first BTC wallet of the company was launched in 2014. This wallet became the foundation of what the now doomed Circle Pay app was. Back in 2015, the CEO of Circle, Jeremy Allaire, affirmed that the service was useful because you could easily turn BTC payments into USD and vice versa, so people could hold whatever they wanted.

Until now, Circle Pay was available in 29 different countries, including the U. S., the U. K. and some countries in the European Union.

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Author: Gabriel Machado

Bitcoin Blender Users Ordered to Withdraw Funds in Sudden Shut Down of Crypto Mixing Service

Bitcoin Blender Users Ordered to Withdraw Funds in Sudden Shut Down of Crypto Mixing Service
  • Bitcoin Blender voluntarily shut down its cryptocurrency mixing services.
  • Vitalik Buterin commented that he may launch a similar service for ether.

The bear market of the cryptocurrency industry has proven that no firm is safe from the lack of activity during hard times. Unfortunately, that is the fate that Bitcoin Blender recently reached. Bitcoin Blender, a cryptocurrency mixing service, chose to shut down operations this week, asking that users withdraw their funds.

This development was reported by BleepingComputer on May 30th, saying that the service posted a message on their website, which appeared on both the Tor network and on Clearnet. The message stated:

“We are a hidden service that mixes your bitcoins to remove the link between you and your transactions. This adds an essential layer of anonymity to your online activity to protect against ‘Blockchain Analysis.’”

This Monday, the shut down was announced on the BitcoinTalk Forums, and there were many users left with no ability to actually withdraw their funds, considering the short window.

One user mentioned that they were unable to succeed in accessing the website over the course of two to three hours, and that they had missed the warning from the company to withdraw their funds.

Presently, the Tor mirror cannot be accessed, but the Clearnet website is still available. Authorities in Europe had banned BestMixer, which is one of the three largest cryptocurrency tumblers, due to their connection with money laundering.

This type of criminal activity is always a major concern amongst mixers, depending on the team and which groups can access it. However, it also promotes the anonymity of the market that many consumers prefer.

Vitalik Buterin, the well-known co-founder of Ethereum, made an announcement soon after Bitcoin Blender shut down their service, saying that he may begin a mixing service for one-chain smart contract-based ether. The note by Buterin can be viewed at https://hackmd.io/s/rJj9hEJTN#We-need-a-first-step-toward-more-privacy.

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Author: Krystle M