Goldman-backed startup Circle launches no-fee foreign payments service
Goldman-backed startup Circle launches no-fee foreign payments service Blockchain-based payments startup Circle Internet Financial on Thursday launched an international online money transfer service that allows people in the United States and Europe to send money to each other instantly and at no cost as it seeks to tear down borders in the payments world. The new service is part of a push by the "fintech" - or financial technology - sector to compete with established financial institutions, by using digital technologies to offer cheaper and more user-friendly services, often via smartphones. Boston-based Circle Internet operates its app-based peer-to-peer payment network using blockchain, the technology which first emerged as the system underpinning cryptocurrency bitcoin. One of the most well-funded blockchain startups, its investors include Goldman Sachs Group Inc (GS.N) and Baidu Inc (BIDU.O).