Recently Circle, the bitcoin powered money transfer platform became the first crypto company to receive BitLicense from the State of New York. Soon after receiving BitLicense, the company seems to have made a lot of changes to its services.
According to a report on one of the online cryptocurrency news publication, these changes have occurred in a span of less than a week. It is interesting that Circle has introduced these major changes after receiving the permission to operate its bitcoin based business in United States.
READ MORE: Circle — the First One to Receive BitLicense
The recent announcement made on Circle’s blog states that the company has made some changes to the platform which will now allow its users to send and receive bitcoin as well as US dollar. People can now store US dollar in their Circle account itself. Some of the Circle’s services now sound a bit similar to the model followed by Bitreserve, another well-known bitcoin service founded by Halsey Minor of CNET and Salesforce fame.
Circle is now offering a way for its customers to overcome bitcoin price volatility. Circle is now leveraging upon the interoperability feature where allows users to convert their bitcoin to US Dollar immediately and store it the same way until the need to transfer bitcoin or fiat currency arises. Circle also allows people to use it like just another bitcoin wallet.
Since Circle’s blog post was published, there has been a rise in user complaints as well. Some users allegedly faced issues with card payments while there are others who were left unable to deposit or withdraw bitcoins. Even the marketing and promotional materials used by Circle too has changed.
As the company’s top management states that Circle is not a bitcoin platform but it is a consumer finance platform that uses bitcoin as an enabling technology for money transfer. It won’t be a surprise if Circle undergoes further changes in the near future.