In late September, the startup Circle launched a web app that effectively functions as a bitcoin bank. Using a debit card or bank account, users transfer funds to Circle, which converts the money to bitcoin at no fee. Circle also insures this money at no cost. The company aims to make bitcoin more accessible via consumer-friendly design and is aiming to take on traditional banks and companies like PayPal. Next up: Android and iOS Circle apps.
Why it’s interesting:
Circle co-founder Jeremy Allaire gave a keynote speech at the Inside Bitcoins conference in April, citing the need for a “killer app” to bring bitcoin into the mainstream. Now Circle seems to be taking the lead, and others are sure to follow.