Ever wanted to invest in cryptocurrencies, but unsure of how and which coins you should choose?
Circle Invest, a new product by peer-to-peer payments company Circle, makes it incredibly easy to do so.
Previously available as beta, Circle Invest lets you deposit money directly from your bank account and trade 7 cryptocurrencies — Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Monero and Ethereum Classic — for as low as $1.
But a new feature called “Buy the Market” makes it even simpler. You type in the number of USD you’d like to invest, and with a tap Circle Invest automatically spreads that investment across those seven cryptocurrencies, based on each coin’s weighted market cap.
Circle claims it offers competitive fees for the service, averaging at 1% on each buy. So, to buy a $1,000 worth of crypto through Circle Invest, you’ll first have to pay a $10 fee.
“Buy the Market was built for the everyday person, the second wave of crypto investors. The goal was to develop an approachable way to invest in crypto assets for anyone, anywhere,” the CEO of Circle, Jeremy Allaire, told Mashable via email.
So why those seven currencies? According to Product Lead of Circle Invest, Rachel Mayer, the company has established a working group to choose the best assets for the customers, but ones that are also consistent with Circle’s regulatory licensure.
“This is only our first coin collection and consumers should expect to see us offer more curated sets of currencies focused on different aspects of blockchain,” she told Mashable via email.
Circle Invest is currently only available in the U.S., but Mayer says the company is looking to expand into other markets as well. It’s available in Apple’s App Store as well as Google Play.
Circle made headlines a few days ago when it announced it had raised $110 million to build a so-called stablecoin — a cryptocurrency whose value is pegged to that of another asset, in this case the U.S. dollar. This upcoming coin is not currently part of Circle Invest, but the company plans to make it a key part of its product portfolio.
“The USDC and other fiat coins Circle will roll out for other currencies will become the core infrastructure for all apps/services from Circle,” Allaire said.