Blockchain-based P2P app Circle is set to launch in the UK, backed by Barclays, the first major British bank to get behind such a service.
The Financial Conduct Authority (FCA) issued an e-money licence to the digital currency company, the first of its kind for cross border payments using blockchain technology.
Go deeper with GlobalData
Speaking at Money 20/20 Europe in Copenhagen on 5 April, Karina McTeague, director of retail banking supervision at the FCA, said of the institution: "We are not conservative or risk averse."
Users can send and receive transfers in US dollars and pound sterling instantly and for free using Circle. The transaction is converted into Bitcoin on the blockchain ledger and converted into the reciprocal currency. Where the currency is not yet available, the amount is stored as Bitcoin.
Circle launched in the US in Q4 2015 and was founded by Jeremy Allaire of Macromedia and Brightcove, and Sean Neville, of Adobe.
Allaire and Neville are committed to an ‘open global network’.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThey said: "We have billions of smartphones as a distribution channel."
Circle raised $50m funding in 2015 and is undergoing development to support euro and other currencies.
Transaction and withdrawal limits are due to be withdrawn in due course. It is available on IoS and Android.
