Circle, the cryptocurrency investment service aimed at beginners, has added support for Monero to its service. This comes just seven days after it added Zcash, another privacy-focused coin.
This is a positive step for the privacy coin industry and reveals that corporate adoption is still happening. After Japan’s FSA suggested that exchanges that list privacy coins would be subject to audits and investigations, there was concern that exchanges in other countries would follow suit. This happens not to be the case, as Circle has chosen to support two of the most private currencies on the market.
Monero masks the history of transactions through the use of its RingCT protocol, whereas Zcash uses zk-SNARKs. While they both use different methods of anonymization, they are viewed as equally private to each other. Circle’s decision to add both currencies is a huge step forward for the coins as the exchange’s main audience is that of beginners and newcomers. Having a coin gain exposure from fresh traders is a huge factor when it comes to mass adoption.
This means that Circle now lists seven coins on its exchange: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Zcash, and Monero. For people considering using Circle, note that while the service allows you to buy and sell coins with ease, it does not allow you to withdraw your assets. This is because Circle acts as an investment simulation rather than a standard currency exchange. It aims to allow people to just trade. Nevertheless, this will introduce the concept of privacy coins to a whole new set of people in the industry.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.