British Economic Minister: Circle and Barclays' cooperation will help the UK establish its position as a global Internet financial center

Barclays is the first major bank in the world to partner with digital currency startup and social payments app Circle. Circle, which runs partly on a blockchain, was founded in Boston in 2013 and allows users to make domestic and international payments on a mobile app.

The cooperation between the digital currency company and Barclays was called an "important milestone" by the UK Treasury for the UK to become a global Internet financial center. Circle previously obtained an electronic money license issued by the UK Financial Conduct Authority, which is the first in the digital currency field in the world.

Circle said that this electronic money license allows platform users to make domestic and international payments. Users can make cross-currency remittances through Bitcoin. Currently, the company's services cover the UK and the United States, supporting cross-currency remittances between pounds and dollars, with good exchange rates and no additional fees. After Circle's services are expanded to Europe this year, cross-currency remittances in euros and other currencies will be available.

Circle received $76 million in investment from investors including Goldman Sachs, Digital Currency Group, etc. Barclays Bank also reached a cooperation with Circle to provide it with a pound bank account and infrastructure for remittances between Circle and any domestic bank account.

Unlike traditional remittance service companies, the Circle app not only supports text messages attached to remittances, but also emojis and even GIFs, and it is free. The app's functions are similar to WeChat Pay and Alipay.

Jeremy Allaire

Circle CEO Jeremy Allaire, who founded the company with internet entrepreneur Sean Neville, said:

"Sean and I founded the company with the vision that money should work like the internet. The application model we learned from China is that new applications that integrate messaging, news media and payments make sense for people. For the first time, US and UK consumers can send money back and forth between dollars and pounds instantly and for free."

A Barclays spokesperson said:

"We support the active exploration of any blockchain technology that benefits consumers and society."

Barclays’ backing is a big win for Circle as global banks, while increasingly interested in blockchain technology, have been reluctant to step away from any company even remotely associated with bitcoin because of the digital currency’s links to illicit activity.

Harriet Baldwin

Regarding Circle, the UK’s economic secretary told Chancellor of the Exchequer Harriet Baldwin:

“The decision to launch the Circle app in the UK and our partnership with Barclays are important milestones. These steps fully demonstrate the effectiveness of our progressive, forward-looking regulatory system and lay a solid foundation for the UK to become a global internet finance center.”