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Circle Applies for US Banking License

The technology company Circle Internet Financial Ltd. has applied for a US banking license. Circle is a Boston, Massachusetts company that offers peer-to-peer payments.

Circle, said to be one the most valuable cryptocurrency platforms in operation, is looking at securing a federal banking license in an effort to expand its services. In addition, the company is seeking registration as a brokerage and trading venue with the Securities and Exchange Commission.

In February of this year, Circle acquired the cryptocurrency exchange Poloniex with the financial backing of IDG Capital Partners and Goldman Sachs. It was also reported that Circle has plans to introduce cryptocurrency trading for individual investors in the Asian market, as well as a peer-to-peer money transfer service backed by the bitcoin blockchain network.

It was in March of this year that Circle announced an expansion with its Hong Kong office to better serve the Asian market. Circle was backed by the likes of Goldman Sachs, IDG Capital and China’s Baidu to help move all kinds of digital currencies to hedge fund managers and institutions in Asia. Goldman Sachs was reported by Bloomberg to be backing Circle's move into banking inside the US as well.

Founded in 2013 by Jeremy Allaire and Sean Neville, Circle has over 400 employees and is trading roughly four billion dollars a month (US) in cryptocurrencies. The company was backed with $140 million in venture capital from investors such as Jim Beyer of Facebook, the US based Accel Partners, China’s Everbright and CreditEase to name a few.

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Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.
Tennessee