That's pretty straightforward and exciting-the idea of sending money being as simple as chatting with someone over Skype (Allaire's preferred analogy). We’re trying to make money work that way.”
“When was the last time you sent a cross-border email? Or had an international web-browsing session? The user doesn’t care. “Our view is that there is no difference between a domestic payment or an international payment or a cross-border payment, those distinctions just disappear,” he says. We see these new behaviors developing in a more open manner worldwide.”Īllaire has an additional way of brushing aside these competitors, which tout features like “cross-border payments” in their marketing. “It’s a lot like the days of the early online systems, like America Online,” he says, “where we could send messages or content to each other as long as we were both subscribers of that system. Circle is not "closed" like those platforms, says co-founder Sean Neville, and it’s still so early in this space that Circle isn’t too worried about making up ground with user awareness. (you can’t use it to send money to another country), and TransferWise is the inverse (you can only send money from the U.S. Players like Venmo (owned by PayPal) and TransferWise have gained fast traction among users, while the typical U.S. ( For more on exactly how the blockchain works, watch this video.) But we think the number of people who want a non-state-sponsored digital currency as their primary currency is really small.” Circle uses the bitcoin blockchain because it is permissionless, open and global-and that will be its key weapon in the battle over payment apps, which has heated up quickly. “No one ever sees bitcoin, it’s just underneath,” says co-founder Jeremy Allaire. (Circle’s website doesn’t even mention the digital currency.) This month, Circle scored a new partnership with Barclays ( BCS ), which allows Circle customers to hold and send British pounds. Circle still runs on the bitcoin blockchain as its rail, but now Circle users can deposit money to Circle from a Visa or MasterCard credit or debit card, and never have to deal with bitcoin at all.
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