The launch of Programmable Wallets, an innovative Web3 infrastructure product, was only the first milestone in the ambitious road map Circle has in this segment, Jeremy Allaire says. Here's how his platform is going to speed up the Web2-to-Web3 transition in global finances for individuals and businesses.
Circle to address lack of Web3 infrastructure solutions, CEO Allaire says
In the coming months, Circle, a multi-product digital finance heavyweight and the issuer of the USD Coin (USDC) stablecoin, will bet big on building its own Web3 infrastructure products. This will streamline the processes of development for cryptocurrency application teams across the globe, Allaire highlighted in a recent Twitter thread.
The Next Major Pillar of Circle's Strategy: Web3 Services— Jeremy Allaire (@jerallaire) August 11, 2023
Last year, @circle made an acquisition of a crypto infra platform called @cybavo.
This week, we launched the first new product milestone with our Programmable Wallets offering.
A thread on our strategy: 🧵
As such, Web3 services will evolve into "the next major pillar of Circle's strategy," CEO Allaire stressed. The increased demand for reliable, holistic and ready-made blockchain infrastructure is a natural consequence of markets getting mature:
It seems clear that nearly every major consumer internet company, brand and enterprise will start integrating Web3 primitives into their services. And nearly every fintech, payment company and financial institution will use Web3 for tokenization, payments, and financial apps
Circle will create infrastructure needed by Web2 teams to integrate the elements of Web3 economics into their business processes. Allaire indicated that both the monetary base (stablecoins) and software (digital wallets) in the cryptocurrency sphere are still very early compared to "regular" digital money.
As covered by U.Today previously, in June 2023, Circle obtained a license in Singapore amid the crackdown initiated by the U.S. SEC.
Since then, Circle is authorized to work in Singapore as a Major Payment Institution (MPI).
From frictionless value transfer to global prosperity: Vision of Circle CEO
As the development of Web3 applications gets a boost with Circle's infrastructure, more and more teams will be able to launch their own crypto protocols. This, in turn, will bring the endgame goal of Circle's strategy closer:
Circle's mission is to increase global economic prosperity through the frictionless exchange of value
The launch of Programmable Wallets, an easy-to-use infrastructure solution for digital payments, was the first major milestone of Circle's infrastructure road map.
In the coming months, Circle will also release a software development kit (SDK) for web application developers interested in Programmable Wallets, Allaire revealed.