Advertisment

Circle, a blockchain startup backed by Goldman Sachs, has launched commission-free ‎cryptocurrency trading, the company said on Wednesday, riding a wave of interest from retail ‎investors for the digital asset class.‎

Discover credible partners and premium clients at China’s leading finance event!

Circle made the headlines last month after it acquired the US-based cryptocurrency ‎exchange Poloniex, in a deal that valued the crypto venue at about $400 million.‎

The company announced on its website today that it has expended early access to its new ‘Circle Invest’ app to cover most US states, except for New York, Minnesota, Hawaii, ‎and Wyoming.‎

Circle will be going up against established players like Coinbase’s GDAX exchange. Also, ‎commission-free investing app Robinhood debuted in February to offer zero-fee trading of ‎Bitcoin and Ethereum ‎alongside traditional investment products‏.‏

To make its platform stand out from competitors, Circle Invest was equipped to offer custodial account and liquidity options, as well as a secure wallet‏.‏

The blockchain startups seek to carve out their niche by letting traders buy and sell ‎‎cryptocurrency for $0 a trade. In doing so, Circle and Robinhood‎ make ‎money from order ‎flows, a common tactic used by discount brokers to ‎generate revenue by directing orders to ‎certain trading venues. They also receive interest on unused cash deposits from user ‎accounts and offers a ‎premium paid account, which gives users added ‎features.‎

Announcing the launch, Circle said in a statement: “We’re eager to hear feedback on this early ‎access version of Invest from everyone — from newcomers and from ‎crypto experts alike. With no minimums, instant deposits, no ‎commissions on a variety of coins, performance tracking and more — ‎we’ve made it fast, cheap and simple to invest in crypto and digital ‎assets, and we are only just getting started.”‎

Get the latest Bitcoin News on The Bitcoin News
Our Social Networks:
Facebook Instagram Pinterest Reddit Telegram Twitter Youtube