Circle announced Thursday it would be discontinuing its mobile app, Circle Pay.
In a blog post, the company announced a multi-phase wind-down wrapping up on September 30, when remaining funds will be turned over to states or countries, in accordance with local laws. Starting on July 8, only withdrawals will be allowed on the app.
The company says the five-year-old product saw demand, but that stablecoins have proven to be a better focus.
Circle spokesman Josh Hawkins told CoinDesk via email:
The company released a bitcoin wallet in 2014 that would eventually lay the foundation for what became Circle Pay.
When the app first integrated fiat payments, CEO Jeremy Allaire told Wired in 2015: “If I say I believe in the bitcoin movement and I want to hold bitcoin instead of dollars, but a friend doesn’t necessarily care about bitcoin ... Circle will convert any money that friend sends me to bitcoin.”
Jeremy Allaire photo via CoinDesk archives
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