The team of Circle, a digital payment company founded in 2013, today announced it will begin the process of terminating support for its payment and wallet app, Circle Pay. Users are advised to cash out their funds immediately.
In 2017, Circle decided to add support for bitcoin to fiat based Circle Pay, and in early 2018, made a big splash by acquiring popular altcoin exchange, Poloniex. The company further added a crypto OTC desk with support for BTC, ETH, and BCH, and also launched a US Dollar based stablecoin, USDC.
Key dates for discontinuing support:
- July 8: Customers will no longer be able to add money or send money to anyone through their Circle Pay account. They will only be able to cash out funds to their linked card or bank account. Limiting new sign-ups by July 8th.
- July 31: Any remaining funds will be attempted to be returned to customers’ linked bank accounts or cards beginning on July 31st.
- September 30: Will deprecate all support for Circle Pay.
- Post-September 30: Will begin the escheatment process and turn over funds to the state or country where a customer resides, in accordance with applicable law.
Other important details:
- Bitcoin Cash & Bitcoin SV fork support: If a user currently has bitcoin in their Circle Pay account, the company is encouraging users to send their funds to another wallet. In a few months, if eligible, users will also be asked to send Bitcoin Cash and Bitcoin SV to another wallet. Circle will notify users when the Bitcoin Cash and Bitcoin SV distributions are ready to be withdrawn.
“Whether it’s launching new wallet services, building upon the success of USDC, driving crypto adoption through Poloniex, or expanding ways entrepreneurs can raise capital on the internet through SeedInvest, Circle will play a leading role in making a global economy where more people and businesses can enter into diverse economic arrangements with anyone easily and safely.”
“With the creation of fiat tokens and stablecoins such as USD Coin (USDC), people can seamlessly transfer fiat value over blockchains without the risk of cryptocurrency volatility, making peer-to-peer payments instant, global, secure, and free, significantly advancing our original vision and providing more global seamless opportunity for people around the world. As such, we believe that it is appropriate to retire Circle Pay at this time.”
– The Circle Team
