Late last year, Circle announced that it was developing a crypto investment and payment app that would make it easier for crypto enthusiasts to buy and sell crypto products. Four months after first announcing it, the company officially launched its digital investment and storage app, Circle Invest, in 47 states excluding Minnesota, Wyoming, Hawaii. The release was dubbed the ‘early access availability’ phase.
In March 2018, the company announced a soft launch of the app saying that a full suite will be available on Tuesday 22nd May. The developers have been monitoring the app to evaluate its effectiveness to the users in an effort to make it more user-friendly.
One of the key features that will come with the app when it finally goes live on Tuesday is ‘Buy the Market’. Speaking to CoinDesk, Circle senior product manager Rachel Mayer said that the new feature is meant for newer users. She said,
Buy the Market’ is the culmination of all we’ve been doing since the soft launch,
According to Mayer the feature solves the signing up problems for new investors who are not sure of where and what to invest in. Mayer explained in details,
It’s trying to solve the problem of signing up and trying to be a newbie investor and you’re not sure how much to put in and where and why. ‘Buy the Market’ is just a very easy way to invest in the seven supported assets on Circle Invest, you choose the funds you’d like to invest in, and we do the rest. We automatically divide the investment into each specific coin market cap waiting and you can purchase the coin instantly.
The main focus of the feature is the market, which is the reason why newbies want to use the app. In this regard, the firm intends to make it easy for the new investors to decide on which cryptos to invest in.
No Fixed Charges
Investors will now have chance to invest as little as $1 and their funds will automatically be spread across all tokens, weighted by market value. In addition, Circle Invest will add a mark-up of 1 percent spread between the buying and selling prices, explaining how the firm will generate its revenue.
According to Bloomberg, rookie investors will have an advantage in using the app over the other trading platforms in that there will be no fixed fees in Circle Invest.
Currently, investors will have the leverage to invest in seven cryptos which include Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Zcash and Monero. The company aims to add other coins as the app gains momentum among investors.
Do you think Circle Invest is the investment platform for rookie investors? Please let us know in the comments section.