Today, the payment processing giant Circle announced the launch of an early access beta of their crypto investment app (called simply Invest). It will be available in all USA states, minus NY, MN, HI, and WY. This, they say, due to “regulatory” issues.
The company is using the motto “crypto without the cryptic”, to emphasize that their app is no ordinary exchange and that its main focus is facilitating things for users. Invest doesn’t collect fees from their users, something that Robinhood also does, and it looks that it is becoming a trend. It supports transactions even as low as 1 dollar and permits transactions in Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
The company expects to retrieve feedback for the use of the app for its definitive launch this year. The blog post states:
We’re eager to hear feedback on this early access version of Invest from everyone — from newcomers and from crypto experts alike. With no minimums, instant deposits, no commissions on a variety of coins, performance tracking and more — we’ve made it fast, cheap and simple to invest in crypto and digital assets, and we are only just getting started”
The company also foreshadows more cryptocurrency support in the near future; and cites that they are in conversations to secure the access for customers in the NY state. Earlier this year, Circle bought US-based exchange Poloniex, presumably to leverage their expertise in the crypto assets market to aid in the launch of this app.
Circle’s initiative is no small thing for the crypto-related business. It is backed by $140 million in venture capital from investors including Goldman Sachs, IDG Capital Partners, Breyer Capital, Accel Partners, General Catalyst Partners, Baidu, and others. An interesting app for crypto starters who want to dip their toes into the market without many complications.