Circle CEO Thinks Crypto will have Greater Impact than the Web

Goldman Sachs-backed Circle has recently held an “Ask Me Anything” (AMA) session on Reddit. Its CEO and other members took queries from the community. 

During the session, some interesting developments at the company were hinted. CEO Jeremy Allaire said he expects cryptocurrency to have a more significant impact than the Web.

The AMA session started with an introduction where the representatives from Circle outlined their 2018 achievements. It first highlighted the launch of Circle Invest—a platform designed to make digital asset investing convenient for novice users. It then acknowledged the CENTRE Consortium and its USDC stablecoin, which has already obtained a full audit and reached a market cap of nearly $3.5 million. Lastly, it touched upon the company’s plan to acquire the crowdfunding platform for pre-vetted startups, SeedInvest.

After discussing its recent product launches, the Circle AMA introduction proceeded on the successes enjoyed by its existing interests in 2018. It said that the firm’s OTC wing, Circle Trade, had executed more than 10,000 trades worth over $24 billion. It also acknowledged Circle Research and Circle Pay.

After the introductions, the crypto community was invited to ask questions to the representatives present, including co-founders Jeremy Allaire and Sean Neville.

Regarding Circle’s “central mission,” the CEO said the company aims to connect every individual to an open financial system. They believe “value will flow globally the same way that information and content does today—instant, nearly free, to any device or person anywhere.”

Allaire also mentioned what drew him to cryptocurrency originally. According to him, since the 1990s, he had been interested in decentralized systems and their ability to democratize the society. The CEO added his vision for digital currency in the future:

“In my view, crypto is a much more significant and disruptive innovation than the Web, and its impact on society, politics, economics, governance will be far far greater for humanity over time.”

Reddit user “beeef21” asked how the company educates international regulators. “We invest an enormous amount in educating regulators, and have since our founding in 2013,” Allaire responded, adding:

“In general, regulators are keen to learn, and we spend a lot of our time trying to get them to understand the benefits of crypto, how it actually works, etc.”

The CEO also addressed what he deems as the most significant regulatory hurdle for a company like Circle—the absence of direct guidance regarding how regulators such as the SEC classify crypto assets. Per Allaire, better regulatory clarity could “unlock a lot of market activity.”

Reddit user “jjrolls” asked: “In ten years do you see cryptocurrency as more of a store of value like gold or being used more for everyday transactions?”

The CEO fielded the question saying Circle expects “there to be millions of different crypto assets” and those with different use cases could thrive alongside those created for alternate purposes:

“… the short-answer is that we thing [sic.] SOV [store-of-value] assets like Bitcoin will become much much larger and more broadly adopted, and that other crypto assets will be used in an incredibly broad array of everyday transactions.”

Other interesting topics included in the AMA session are the return of the Poloniex “Troll Box,” the regulatory environment surrounding privacy coins, and plans to enable purchasing USDC using traditional payment methods like credit cards.