Circle’s Social Payments Go Cross-Currency

Today, Circle Internet Financial expanded into the United Kingdom, allowing Circle app users to exchange money across borders “without costs or delays,” says Circle Founder, Chairman and CEP Jeremy Allaire.

Circle, a Boston-based social payments start-up backed by Goldman Sachs, uses Bitcoin to transfer money between users and – now – to exchange central bank currencies. The payments app transfers dollars to pounds and vise versa, first converting the value to Bitcoin and linking app users’ debit cards. The exchange is quick and is free of charge.

Transactions will be recorded and verified using the blockchain, which means money can be exchanged outside the bank clearing system. This is the first example of a European bank allowing a digital currency company to utilize its infrastructure. Circle is partnering in their UK venture with Barclays, which will hold British Pounds Sterling temporarily until the money is transferred to a user’s account, as Circle is not licensed to store local currency there.

Allaire also announced that Circle is, “eliminating transaction and withdrawal limits for customers in all of the 150+ countries where Circle is available.”

Read more on the announcement from ETA member Circle here.