Peer-to-peer payments technology firm Circle will no longer offer customers the chance to buy and sell bitcoins, though it will continue to use the blockchain technology, and employ the digital currency "behind the scenes". The move comes after a series of high-profile hacks in which hackers stole millions from cryptocurrency exchanges including Coinbase, Bitstamp, Kraken, and BTC-e. Circle is in line to complete $1bn worth of transfers in 2016, with cross-currency transfers up 300% in six months.
Peer-to-peer payments technology firm Circle will no longer offer customers the chance to buy and sell bitcoins, though it will continue to use the blockchain technology, and employ the digital currency "behind the scenes". CEO Jeremy Allaire said bitcoin had not "evolved quickly enough to support everyday financial activities", and the lack of progress with the digital currency had left the company "deeply frustrated". Circle is in line to complete $1bn worth of transfers in 2016, with cross-currency transfers up 300% in six months.