We share content, information, messages and routine life on the internet. Money should also work in the same way as for transfer of information. Secure, worldwide, free, open without any central authority and most importantly, transfer of money with fun. In that case, we have an option chinese circle on vision, that we should be able to exchange values.
The main vision is to connect the world’s largest currency zones. That is why a foundation for this purpose has been established in US and UK. The foundation will transact Euro, Dollar, Pound, and other large currencies to blockchain technology.
Customers in the UK, US, and soon in Europe can soon perform these transactions. They will be able to do transactions in a secure and freeway through Circle’s social payment app.
With the rising of this technology, Circle is going to introduce this technology to its Chinese customers.
The Circle has launched a company in China manufacturing, raising $60 Million from Chinese investors. The company is keen on expanding into world’s second largest economy. Chinese firms including Baidu, CICC Alpha, Everbright Investment, IDG Capital Partners, and Beijing-based tech investment have reportedly made the latest funds.
Allaire says, “We’re not aiming to compete with the domestic market as that would be a suicide mission given the strength of local players like Alipay and WeChat, but we can connect Chinese consumers with the euro zone and dollar markets”.
Strategy in Financing:
IDG Capital Partner, the prolific Beijing-based VC led the $60Million strategic finance.
Along with IDG, Breyer Capital and General Catalyst Partners, we have brought on a powerful syndicate of major strategic partners in China, including Baidu, CICC ALPHA, China Everbright Limited, Wanxiang, and CreditEase.
These strategic partners make it sure that they will create an open, global, and free model of social payments. That will be enabled for the consumer in China, US, UK, and also in Europe.
Circle’s China Unit:
Circle’s China unit works as the local incorporate company. Allaire says,” Circle’s China unit has not launched any product. Whereas, there are already many pending deals with banking partner and legal license to operate.”
In payment process, Circle allows payments to countries in which this technology has not launched yet. Whereas, payments have transferred in Bitcoin within few minutes via blockchain network. Once the process of payment completes, the Bitcoin transfers to the currency. Circle’s aim is to connect China trading consumers with new global means of payments.
People’s Bank of China wants to launch its own digital currency. Basically, they want to decrease the cost of traditional paper money and boost policymakers. That is why they are in support of digital revolutions like Bitcoin.
Allaire finished with: “The company now adds the support for euro-denominated payments in Spain as the first step of a broader euro rollout.”