Circle Launches Crypto Reward Program to Attract New Customers
Crypto finance startup Circle has announced the launch of a new reward program in a bid to attract new customers to its Circle Invest platform. The reward program, which will run through the end of the year, will reward new Circle Invest customers with one of the crypto assets supported by the platform, which currently include Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Zcash, Monero, Stellar, 0x, Qtum, EOS and BAT.
The startup said on Monday that the move was part of a broader mission to “break the barriers to investing in crypto” and encourage more people to join the platform.
It follows the latest trend in the crypto space of cryptocurrency airdrops and giveaways. At the 2018 Web Summit last week, companies including BTC.com and eToro unveiled several initiatives to attract new customers by offering free cryptocurrencies.
But perhaps the most notable move came from Luxembourg-based company Blockchain which announced a whopping US$125 million Stellar lumens airdrop in what is believed to be the largest giveaway in the history of crypto. The company said that it saw airdrops as an important next step to strengthening the wider ecosystem of cryptocurrencies through decentralization. Additionally, the relative ease and zero-expense nature of airdrops makes them a key vehicle to reaching potentially millions of people.
Airdrops, which consist in distributing crypto coins for free, have many advantages. First off, they offer a way for blockchain projects to distribute tokens far and wide, and build up the network effects that are essential for success. Then, at a time when regulators are scrutinizing initial coin offerings (ICOs), airdrops seem like a safer strategy that allows entrepreneurs to escape regulators’ attention.
Digital investment app Circle Invest was launched in March 2018 with an aim to provide users with an easy way to get started with cryptocurrency trading. Throughout the months that followed its release, the company introduced several features to the platform including Buy the Market, a way for customers to buy all its listed assets in one tap, and Collections, a feature that automatically divides investment across all of the coins supported by Circle Invest.
Founded in 2013, Circle is a cryptocurrency startup providing a range of products that include Circle Pay, a money transfer app, Circle Trade, an over-the-counter crypto desk, and Poloniex, one of the world’s largest crypto exchanges which the firm purchased in February.
Most recently, Circle acquired SeedInvest, a broker-dealer and equity crowdfunding platform.
Circle said the capabilities of the SeedInvest product, which include startup due diligence, securities issuance, investor accreditation, payments and securities custody, will be expanded to support crypto-denominated investments including using fiat stablecoins such as USDC, as well as issuing and offering tokenized securities.