Circle, a peer-to-peer payments technology company, backed by Goldman Sachs, has announced that its cryptocurrency investing platform Circle Invest has tweeted that they have added Monero (XMR) as the seventh supported cryptocurrency for buying and selling through their application. Last week, Circle Invest added Zcash to the list of cryptocurrencies supported. The announcement is important in the sense that Monero is a private currency which cannot be easily tracked back to the user.
Circle was founded by Sean Neville and Jeremy Allaire in October 2013. The company has received over US$135 million in venture capital from 4 rounds of investments from 2013 to 2016, including US$50 million led by Goldman Sachs. In April 2015The company’s mobile payment platform, Circle Pay, allows users to send, hold, and receive fiat currencies . In September 2015, Circle received the first BitLicense issued from the New York State Department of Financial Services. A year later, the British government approved the first virtual currency licensure to Circle. As of 2015 a Circle account can be funded in USD via US-issued Visa and MasterCard credit and debit cards, and US bank accounts.
The Boston-based Circle’s subsidiary Circle Pay operated a Bitcoin wallet service unil December 2016. It has since ceased to provide such service and continues to focus resources on global social payments and future next-generation blockchain technology. On February 26, 2018, Circle announced that they purchased Poloniex Cryptocurrency exchange for $400 million. One of Circle’s leaked documents detailing its plans on operating Poloniex revealed the company’s moves to become “The US’s First Regulated Crypto Exchange” supported by its mutual understanding with the SEC.
Welcome, Monero. 👋
Another coin just joined the Circle Invest family, and it’s available for you to buy right now. Learn more about Monero: https://t.co/w2AVUw8Kb3
— Circle (@circlepay) May 7, 2018
With this addition, Circle currently support buying and selling Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Zcash (ZEC), and Monero (XMR).
Circle Invest App Benefits
- Zero commission
- Deep liquidity
- Custodial accounts
- Growing list of supported cryptocurrencies
The app is offered for both Android and Apple users, without any difference in functionality. Price summaries, detailed charts, and other analytical data are provided by the app. Circle offers 24×7 customer service and strictly follows KYC/AML norms. In many ways, the facility is similar to that of Coinbase.
About Monero (XMR)
Monero is based on the CryptoNight proof-of-work hash algorithm, which comes from the CryptoNote protocol. It possesses significant algorithmic differences relating to blockchain obfuscation. By providing a high level of privacy, Monero is fungible, meaning that every unit of the currency can be substituted by another unit. This makes Monero different from public-ledger cryptocurrencies like Bitcoin, where addresses with coins previously associated with undesired activity can be blacklisted and have their coins refused by other users.
In particular, the ring signatures mix the spender’s input with a group of others, making it exponentially more difficult to establish a link between each subsequent transaction. Also, the “stealth addresses” generated for each transaction make it impossible to discover the actual destination address of a transaction by anyone else other than the sender and the receiver. Finally, the “ring confidential transactions” mechanism hides the transferred amount.