Circle Becoming Profitable is a Bullish Signal for the Cryptocurrency Industry
It has been a remarkable year for Circle Internet Finance, Ltd. The Goldman Sachs-backed startup is seemingly profitable for the first time in a while. Given their desire to massively hire new people, it is evident something must be going right. Reaching profitability as a Bitcoin company is not all that easy.
The Story of Circle to Date
It is evident Circle has gone through some interesting stages in the past. Their initial focus on mobile payments appeared a bit ahead of its time. Back in 2013, the concept of mobile transactions was not as common as it is today. Additionally, the company’s desire to experiment with blockchain also took a lot of people by surprise.
These days, combining blockchain with investment options is almost normal. Circle Invest is a great example of how such technologies and opportunities can come together in a meaningful way. With this app, average consumers can now invest in cryptocurrencies as they see fit. The company also operates Circle Trade, an OTC trading desk for various cryptocurrencies.
It has become evident Circle’s success is partially entwined with the future of cryptocurrencies. As of right now, the cryptocurrency market isn’t looking too impressive. That situation can change at any given time, though. Even so, the interest by this company in this new form of money shouldn’t be underestimated by any means. Cryptocurrencies are slowly becoming the next mainstream investment of choice. A peculiar trend that will become more prevalent over time.
Turning a Profit and Expanding
With the puzzle pieces falling into place for Circle, the company can look to the future. As of right now, they are allegedly profitable, which is rather interesting. Although no one expected anything less, the company turns a profit when cryptocurrencies are struggling every day. It seems Circle facilitated over $75 billion across its platforms during December 2017 and February of 2018.
All of this shows the global interest in cryptocurrency is not slowing down. Everyone has an opinion on this form of money and more people are looking to buy into these markets. Circle CEO Jeremy Allaire claims their trade platform’s average customer order is worth over $1m, which is rather spectacular. Some investors are legitimately throwing their weight around in this regard. For now, it doesn’t have a positive effect on the overall cryptocurrency prices just yet.
For the time being, Circle will look to expand. More specifically, its workforce will more than double, if things go according to plan. The number of jobs created in the cryptocurrency world is a lot higher than most people assume. This particular trend will only become more apparent as time progresses. With a profitable business model and more staff members, the future looks pretty good for Circle as a whole.