Circle CEO: Markets Have Been Oversold and Some Core Assets Are Undervalued

On Thursday (January 10th), Jeremy Allaire and Sean Neville, the two co-founders of Circle, the Boston-headquartered FinTech startup backed by (among others) Goldman Sachs, Bitmain, Baidu, and IDG Capital, talked during a Reddit Ask Me Anything (AMA) session about the interaction of Circle with financial regulators, Circle's contributions to open source projects, fake exchange volumes, privacy coins, over-the-counter (OTC) trading, security token offerings (STOs), the USDC stablecoin, mainstream adoption of crypto, and the current bear market.

Jeremy Allaire is the CEO of Circle (while Sean Neville is the President of Product and Operations). Circle was launched in October 2013 as a peer-to-peer (P2P) payments technology company, and initially onlly had one product: "Circle Pay", a way to "move money between currencies, countries and friends." The Circle Pay mobile app made paying friends "as easy as texting." Currently, Circle Pay "is available in 29 countries in British pounds, US dollars and euros."

Jeremy Allaire and Sean Neville started the AMA session by offering this quick recap of Circle's involvement with crypto in 2018:

"2018 was a particularly eventful year in Circles six year history as a crypto finance company. We acquired Poloniex and committed significant resources to restoring it as one of the premier crypto exchanges. We launched Circle Invest for anyone looking to seamlessly invest in crypto. In partnership with Coinbase, we founded the CENTRE Consortium and introduced the USDC stablecoin, which has already reached a market cap of over $345M and has support from almost 100 exchanges, protocols, platforms, applications, and wallets. Lastly, we announced our intention to acquire SeedInvest, which is pending FINRA approval.

In addition to new endeavors, we saw impressive growth from our existing products - Circle Pay and Circle Trade. Despite a tumultuous year for crypto markets, our crypto OTC desk Circle Trade, executed over 10,000 trades representing $24 billion in notional value. We also launched Circle Research to provide institutional-grade analysis for the market and our counterparties. Circle Pay continued to enable seamless money transfers for millions of users across the UK, EU and US and is well positioned to deliver a more crypto-native experience in the future."

Other members of the Circle team that took part in this AMA were

  • Robert Bench, the Chief Compliance Officer and Head Regulatory Counsel;
  • Rachel Mayer, Product Manager for Circle Pay and Circle Invest;
  • Christina ("Official Poloniex Rep");
  • Joao ("Official Circle Rep"); and
  • Dan ("Official Circle Rep):

Q: What Is Circle Doing to Educate Regulators?

Jeremy Allaire:

"We invest an enormous amount in educating regulators, and have since our founding in 2013. This includes a global regulatory and government relations team with decades of experience in working with financial regulators and policy makers. We have teams located in the US, Europe and Asia that focus on this.

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Tags: Circle, Market (economics), Jeremy Allaire, Asset, Goldman Sachs, IDG Capital, Baidu, Bitmain, Chief compliance officer, Circle Research