Circle is a New, Fee-Free Online Bitcoin Bank

Circle

The implosion and subsequent liquidation of bitcoin exchange Mt. Gox last month played to the worst fears about digital currencies. Confusing to use and volatile as a store of value, bitcoin has also been the frequent target of hackers, thieves, and incompetent businessmen. Despite bitcoin’s appeal to venture capitalists eager to profit from a new financial system, the value for the average person remains elusive. Circle, a highly anticipated new bitcoin startup that has raised $26 million, is hoping to change all that. The company, which opened its service on Friday in a limited release, hopes to be your friendly online bitcoin bank. Its web-based interface lets you deposit US currency and see it converted instantly to bitcoin without any fees. It physically isolates your bitcoin keys in cold-storage vaults and requires multiple “signatures” to bring them online.

Read the full story at The Verge.

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