Circle, a Boston, Massachusetts-based open crypto technologies platform that facilitates trading, investing, and capital raising, as per recent reports last week, has announced its decision to discontinue the Circle Pay mobile and web apps including the apps support, for all worldwide customers on Monday, Jul. 8th 2019.
The decision to discontinue the Circle Pay app will not, in any way, impact other Circle products, the company assured. Post the announced end date, the only option the Circle Pay app will provide customers is, to withdraw any remaining funds from their Circle Pay account to their respective card or bank account.
“Circle believes that the future of finance will be built on open blockchain technology and that global payments will become reality through fiat tokens and stablecoins such as USD Coin (USDC),” states the company.
Clarifying on this vision over its successful five-year lifespan, the company says that it also is heavily relied on interfacing with the traditional financial system and untokenized fiat currencies.
The statement in general stipulates: “we believe it is appropriate to discontinue Circle Pay at this time, and we will continue to work toward connecting every person on the planet through an open financial system built on crypto assets and blockchain technology through center and USDC, and in other Circle products such as Poloniex and SeedInvest”.
Although the Circle Pay shut down won’t affect the Circle Invest, Poloniex, and SeedInvest customers, it’ll have a huge blow on to the customers that solely rely on the Circle Pay app to send, receive or hold dollars, British pounds or euros.