End of an Era as Circle Moves Away from Bitcoin Buying and Selling

We have seen a number of former cryptocurrency startups turn their back on bitcoin before, but this news specifically is going to shock many diehards. Peer-to-peer Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term provider Circle has informed its clients thaht it has decided to move away from buying and selling of bitcoin as it is "diving headfirst into next-gen Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology."

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Circle was one of the most recognized brand names within the bitcoin community. It was one of the industry’s largest bitcoin wallet services providers, and last year became the first to be granted a BitLicense to operate in the state of New York.

In June it revealed that it has raised $60 million of new capital from a group of strategic Chinese investors and launched Circle China, a Beijing-based venture, focused on making it a major player in the Chinese blockchain payments market.

Circle isn't immediately cutting off support for its bitcoin wallet service but it has sent out a list of options that make it clear that it expects users to transfer their cryptocurrency funds elsewhere or exchange it for fiat. It now tells its old clients: "You’re welcome to hold bitcoin in your Circle account and it’ll be fully insured" but "you can no longer buy and sell bitcoin through us."