The Boston based crypto company Circle has declared that they will shut down their mobile app Circle Pay. The news has saddened many of the platform users. The company has affirmed through a blog post on Thursday that the service will be stopped from 30th September. It is speculated that the firm is shifting its attention to some other business.
Today, we are announcing that Circle will sunset our peer-to-peer payments product, Circle Pay.
We will continue to advance our mission to create more connected, global payments systems through our efforts with CENTRE and USDC. Learn more. https://t.co/QeofDNTrUU
— Circle (@circlepay) June 13, 2019
It is also announced that people who still have funds in the app can take out the fund, but from 8th July onwards the app will stop depositing any amount. All the funds that will remain in the app after 31st July will be sent back to the customers’ bank account. Circle Pay allows the user to send and accept funds like standard payment app Square’s Cash and Venmo.
The critics are saying the app was struggling to get significant traction from the market and is the probable reason behind its shutdown. But the spokesperson of the company Josh Hawkins has said it was a popular app and has got a significant growth and cannot call it a failure. Although as per the statistics of the downloaded apps, Circle Pay is holding the position 121 whereas Venmo and Square’s Cash are in the second position.
As per the spokesperson, the company is focusing its attention towards the wallet services and is paying its attention to develop stablecoin. He also opined that the company is also looking to start free global payment operation to deliver its clients according to their needs. So, for the new transition, the company has to take steps cautiously.
Other than Circle Pay the company operates in different areas of cryptocurrency it has a cryptocurrency exchange Poloniex, it has an OTC Desk and a token security platform. It has recently taken possession of SeedInvest, a standardized trading system. Some rumors are also saying that the company is also looking for a license in the banking sector.
The firm has lately laid-off 30 staff citing the regulatory reasons of the US. Previously the firm planned to takes a halt of a few days before investing into new ventures.
The company came to existence in 2013 with a vision to make crypto payment easier for its enthusiasts.