Former exchange circle has been going through some growth recently and is now looking to make quite a leap. Circle used to be a standard exchange in the US before deciding to no longer allow one to actually withdraw Cryptocurrency. Circle had decided that their image would be a money sending app (with all the exchange volatility of crypto but none of the investment) where one would buy crytpo in the app and send it where the other person would only receive fiat and no one could get crypto out.
When circle made these changes I had decided to quit paying any attention to them, it looks like they have rebranded once again and into two very different setups, circle pay and circle investment.
Circle pay works similarly as before but it doesn’t have the volatility as before since now it uses USD instead of Bitcoin. Circle has since brought a new product, circle investment is for those wanting to invest but still doesn’t allow the withdrawal of crypto. The truth is that there probably will never be a withdrawal of crypto allowed due to circle now owning the exchange poloniex, and they definitely don’t want to cannibalize their new business.
Now we get to the title of this post Bitmain, who you’ll all know as the monsterously large Asic miner company out of china, has gone ahead and invested $110 million into circle. This comes with the announcement of Circle developing a new USD pegged crypto, it will be going by the name USDCoin. It seems that each major fiat will most likely have their own pegged currency.