Circle Pay shuts down
The Circle Pay mobile and web apps will start the process of discontinuing its functionality, as well as support, for all worldwide customers on 8 July 2019.
This change impacts only the Circle Pay app, not other Circle products. After the prescribed end date, the only option available to customers is to withdraw any remaining funds from their Circle Pay account to their card or bank account.
The platform reported that: “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)”.
Circle Pay clarified that vision over its successful five-year lifespan, but it also largely relies on interfacing with the traditional financial system and untokenised fiat currencies.
The statement stipulates that: “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 centre and USDC, and in other Circle products such as Poloniex and SeedInvest”.
Circle Invest, Poloniex and SeedInvest customers are not affected by these changes.
All customers who use Circle Pay to send, receive or hold dollars, British pounds or euros are affected at this time.