Money Transfers Powered by Cryptocurrency
Launched in October 2013, Circle is an international money transfer service for peer-to-peer payments. Like Venmo or Square Cash, Circle offers a free mobile app called Circle Pay that enables its users to pay each other via linked bank accounts, debit cards, or credit cards. With the most recent version of iOS, users can also send money using Circle within the Messages app. Circle’s advertises its vision of a crypto backed payment platform that enables transactions, investments, and financing through Bitcoin and other blockchain technologies. Since it’s inception, the company has come to host over 8 million customers and more than 1,000 organizations who have made transactions totaling over $200 billions dollars worth of the 60 plus assets its platform supports.
How Circle Pay Works
Circle differentiates itself from other money transfer apps through its use of the Bitcoin protocol for international payments. The service allows users to buy and sell Bitcoin separately from its payment processing service, but it does not require its users to own cryptocurrency in order to transmit payments. Instead, it provides free cross-border payments between users with instant conversion from fiat currency to cryptocurrency and then back again. This means that users do not ever have to send or hold cryptocurrency, but they still take advantage of zero-cost blockchain technology.
Circle Location and Management
Jeremy Allaire is the CEO and founder of Circle, which is headquartered at 332 Congress Street, 4th Floor, Boston, Massachusetts 02210.
Circle Review Table of Contents
- Costs & Contract: Circle offers month-to-month service with personalized transaction limits and no termination fees.
- Complaints & Service: Circle has received more than 500 public complaints.
- BBB Rating: Circle has an “F” rating with the Better Business Bureau and has received 26 complaints in the last 3 years.
- Sales & Marketing: Circle does not appear to hire independently contracted agents and has not received any complaints about its sales team.
- Rates & Fees: How Merchants Got The Best Rates With Circle