Popular crypto firm Circle recently announced a modification of its services specifically for business. Business owners can now register for the Circle Business Account. An account that permits developers to design apps on top of Circle stablecoin, USDC.
According to the announcement, this new feature will facilitate adoption and increase the use of USDC. To make this possible, the company has built a ready-made Application Programming Interfaces (APIs) toolbox. Specially designed so developers can create atop the USDC with ease.
Circle is on a mission to diversify from its initial primary objective, which was majorly restricted to crypto trading and investments. The firm is now looking to expand into the stablecoin field.
Developers looking to make use of Circle’s new business model now have access to three new APIs.
1. The Payment API – Specifically to connect preexisting payment rails with Circle stablecoin, USDC.
2. The Wallets API – It will enable users to easily store or utilize their stablecoin.
3. The Marketplaces API – This serves as a connecting bridge. Taking these new features to their online marketplaces and e-commerce platforms.
First launched in 2018, through a partnership with Coinbase via the Consortium, CENTRE. USDC was formed in a bid to improve crypto trading and investment. Despite the current bearish season in the crypto space, Circle’s popularity in the digital world seems to be growing.
The firm, for now, has discarded several arms if its business and is looking to focus entirely on developing its stablecoin – USDC. In December it sold its OTC desk to Kraken. Canceled work on Circle Research in September. It also suspended its crypto payment app feature Circle Pay. And in May, the company laid off roughly ten percent of its workforce citing regulatory uncertainties.
The startup is inviting companies and businesses to build on its stablecoin via new APIs. All of which are accessible on its Business Accounts.
USDC, currently, has a market capitalization of $450 million. And over $1.70 billion worth of USDC has allegedly been issued since its launch. Jeremy Allaire, CEO of Circle, pointed out the Business account is specifically designed to simplify company procedures. The blog post reads: “our goal with Circle Business Accounts and Circle APIs is to simplify things so that a company can set up and begin using an account with the same ease that they might open a business bank account”.
Circle business APIs are expected to drive more clients to the company’s fold. In line with what the CEO said, the new Circle business APIs would also allow businesses to transform their banking infrastructure.