$60 Million Raised By Bitcoin Based Payment App Circle
In a year, the Bitcoin based payment app Circle raises $60 million, whereas the payment over the app grossed $ 1 billion. The launch of a Chinese venture and plans was announced by the Circle on Thursday to provide the transfers of Euro as part of the European expansion.
With the help of the Circle, the people can send and receive money in any location across the world for free by using the blockchain technology bitcoin. The currencies such as US dollars or UK pounds can be converted into the bitcoin, from where it can be transferred to the Circle app from the internet, then it can be converted back into the local currency without any problem. The CEO of the Circle Jeremy Allaire says to BI that it is always time to raise money, when there is demand in the market.
The Half of the Labor Investment is in R&D
According to the Allaire, the fundraising process began in the Januray and closed in the May. He further says that cash is going towards the marketing. The Euro payments were launched by the Circle today with a service opening in Spain.
Along with its fundraising, the Circle will transfer the payments at a rate of $1 billion. The app is being used by users in more than 100 countries as stated by the Allaire. However, more than 70% users are from the US, Europe and UK.
We can Complete zero illusions with the Tencent and Alipay
Existence of the Circle China was published by the Circle today, which was established six months ago. According to Allaire, $60 million is not used for funding this venture. The mobile payment and money management of the China is dominated by the local players.
He further states that we are leveraging on the fact that we have licenses of different zones to connect people of different cases.