Circle to sunset payment app, continue advancing vision of crypto-based payment solutions using fiat tokens
Next month, we’re starting the process of sunsetting support for Circle Pay but are marching forward with the mission we began five years ago: creating new global crypto financial services for people to store and create value, earn money and make payments in a seamless way through new wallet services in Circle products.
We believe the future of finance will be built on open blockchain technology. Over its successful, five-year lifespan, Circle Pay was a pioneering social payment app. Circle Pay has clarified the path forward by highlighting the robust, global demand for people to exchange value as seamlessly as they exchange information. However, that demand largely relied on interfacing with the traditional financial system and untokenized fiat currencies.
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.
We will continue to work toward connecting every person on the planet through an open financial system built on crypto assets and blockchain technology.
What Circle Pay customers should do
All Circle Pay customers should cash out their funds today. Customers who currently hold Bitcoin in Circle Pay are also encouraged to send BTC funds to another wallet such as a Poloniex account.
As previously announced, Circle will support and distribute Bitcoin Cash and Bitcoin SV holdings to eligible customers who held a Bitcoin balance with Circle Pay prior to the date of the Bitcoin Cash fork, August 1st, 2017. Eligible customers in good standing will be able to withdraw both their Bitcoin Cash and Bitcoin SV by the end of September. We will reach out to customers when distributions are available to be withdrawn.
Here are key dates:
- 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. We will also limit 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: We will fully deprecate all support for Circle Pay.
Post September 30: We will begin the escheatment process and turn over funds to the state or country where a customer resides, in accordance with applicable law.
Here are other important details:
- Withdrawal Delays: While customer funds are custodied safely throughout this process, delays withdrawing funds may occur because of increased withdrawal activity. You will be able to get your money from Circle Pay before the product is discontinued.
- Bitcoin Cash & Bitcoin SV fork support: If you currently have Bitcoin in your Circle Pay account, we encourage you to send your Bitcoin to another wallet. In a few months, if you are eligible you will also be asked to send Bitcoin Cash and Bitcoin SV to another wallet. We will notify you 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.
Originally published at https://blog.circle.com on June 13, 2019.