Goldman Sachs-Backed Circle Adds EOS (EOS), Stellar (XLM), 0x (ZRX), QTUM (QTUM)
Circle Bolsters Crypto Product, Adds Top Altcoins
In the midst of a strong rebound in the crypto market, Circle, a Goldman Sachs-backed cryptocurrency infrastructure startup, revealed that it would be adding four crypto assets to its “Invest” platform, which gained traction over the course of the past year. In an official blog post pertaining to the matter, the startup’s head of product and SVP, Divya Agarwalla, explained that EOS (EOS), Stellar (XLM), 0x (ZRX) and QTUM (QTUM) will be added to Circle’s Invest platform over the next few days and weeks.
Image Courtesy of CircleAlthough this news likely didn’t seem to have a direct effect on the market, it is important to note that the price of Stellar Lumens, along with the three other cryptocurrencies mentioned by the Boston-based financial solution startup, saw a substantial move higher over the past 48 hours. As per the aforementioned post, the addition of the four crypto assets will bring Circle’s “collection” of offered cryptocurrencies to 11, “making Circle Invest one of the top apps for accessing a wide array of assets.”
EOS, XLM, ZRX, and QTUM can be now bought individually, or part of Circle’s so-called “Buy the Market” feature, which allows interested investors to gain exposure to a diversified cryptocurrency portfolio that features all of the tokens and coins listed by the lesser-known, yet accessible platform.
Explaining the reasoning behind these four additions, Agarwalla explained that the now-well-established fintech company used its “Circle Asset Framework,” which can be likened to Coinbase’s policy on crypto assets under a similar name, to access a list of cryptocurrencies that investors would be interested in allocating capital to.
Additionally, the startup’s executive went on to explain that Circle Invest’s addition of the four altcoins could be seen as an informal endorsement, as “4 assets were selected specifically based on their potential to contribute powerful infrastructure to the broader crypto ecosystem.”
Along with these new additions, Circle also revealed that it added an “explore” feature to its easy-to-use mobile apps, which are currently available on both Android and IOS. Explore will allow the application’s users to gain access to “contextual, relevant information on various aspects of the crypto [market]” via an easily digestible section in Circle Invest. Elaborating on the feature, the startup’s executive wrote:
As we introduce new crypto assets, we also recognize the need to educate our customers and bring clarity to this fascinating, yet complex asset class… Accompanied with our simple user experience, this easy to understand content will serve to further our mission of bringing crypto mainstream.
While this news may seem mundane at face value, many see Circle’s stab at crypto education as important, especially in an industry where basic concepts, ideas, and statistics are often misconstrued and misunderstood by the common consumer.