Blockchain startup Circle has announced adding the privacy-focused Monero (XMR) cryptocurrency to its Circle Invest mobile application. The development comes on the back of last week’s addition of Zcash (ZEC) to the coin family on Circle Invest. (See also, What Is Monero (XMR) Cryptocurrency?)
Circle Invest - The Cryptocurrency Investment App
The Circle Invest app facilitates crypto asset investment by an individual through the tap of a button on their mobile devices. It claims to offer custodial accounts, zero commissions, high liquidity, and support for multiple cryptocurrencies. After the necessary verification, an individual is allowed to purchase and sell the listed cryptocurrencies. Purchasing cryptocurrencies requires linking a bank account to the app.
Circle Invest app was launched around April 2018, and is seen as a strong competitor to the cryptocurrency exchanges. Additionally, it may also compete with other trading systems that offer cryptocurrency trading services. (For more, see What Is Circle X and Why Should Cryptocurrency Exchange Coinbase be Worried?)
In March of this year, Goldman Sachs-backed Circle acquired Poloniex, the 14th largest cryptocurrency exchange and a digital asset trading service that allows cryptocurrency-to-cryptocurrency exchanges. The deal, reportedly worth $400 million, paved the way for Circle to enhance its product portfolio across a range of cryptocurrencies. (For more see, Cryptocurrency Exchange Poloniex Merges With Payment App Maker Circle.)
With the addition of Monero, the number of cryptocoins that are supported on Circle Invest app has increased to seven. As with the other tokens available on the app, users will be able to purchase or invest in Monero. Other virtual currencies supported are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC) and Litecoin (LTC).
Boston-based Circle was established in 2013 by Jeremy Allaire and Sean Neville. It managed to secure venture capital funding from investment stalwarts like Goldman Sachs, IDG Capital Partners, Breyer Capital, Accel Partners, General Catalyst Partners, Baidu, CICC Alpha, EverBright, WangXiang and CreditEase. The company started with Android and iOS apps which allowed customers to buy bitcoins. However, that service was stopped in 2016. In November 2017, the crypto investment services were resumed.
Circle also has two other popular offerings called Circle Pay, a blockchain-based peer-to-peer money transfer app to enable free transactions among individuals, and Circle Trade, which serves large investors and institutions by enabling necessary liquidity between cryptocurrency and fiat currencies.
Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns no cryptocurrencies.