As per a special news correspondent, Chuck Kimble who helped earlier with the launch of the stable coin USD Coin (USDC) at crypto finance company Circle, would be joining blockchain firm Celo as head of strategic partnerships.
A circle is a service for making instant money transfers. The Circle start-up was launched in 2013 by Jeremy Allaire and Sean Neville. The Circle app is a platform that allows users not only to send and receive money but also stores it as well. In 2015, the Circle company got a Bit License and started operating as a Bitcoin wallet service to trade with cryptocurrency. The main feature of using Circle is that Bitcoin kept in the wallet is insured, so the in case of money being stolen from the user’s account, all the money will be compensated. For this, Circle keeps the equal amount of cryptocurrency on its account to all the Bitcoin stored on the platform. Currently, the Circle finance company uses blockchain technology for not only crypto transactions but for traditional transfers as well.
Celo is also a blockchain start-up working to create a crypto-payments network which would be mobile-based. The platform would be using fiat-collateralized stable coins by mapping phone numbers to wallet addresses with a decentralized address-based encryption algorithm.
As per the data gathered from LinkedIn, Kimble has spent nine months as head of partnerships at Circle. Currently, it shows the same and has not been updated to reflect his new position at Celo.
During this phase of nine months, Circle was known to accomplish major feats. It worked extensively on the development of USDC together with Coinbase which is a major U.S. cryptocurrency exchange. Kimble is expected to build the core team at Centre as well, i.e. a consortium which would lend support for USDC. Previously he has worked for payments firm Square and Visa. Coinbase is an entire platform that makes it is possible to store, transfer, buy and sell digital money. The process of signing up is similar to any other website. After logging in, it is possible to choose any national currency in the settings to show the relative rate of Bitcoin. To transfer money, it is necessary to add some to the account and then submit the information about the receiver.
At Celo, his prime responsibility would be to focus on forging partnerships and help bring the company’s financial products to emerging markets. Rene Reinsberg who is the founder of this start-up believes Kimble’s previous experience in fintech has tremendously developed his understanding of digital payment services and how it can help people and families with no access to financial services.
Stable coins are also a type of crypto asset built to experience less price volatility, either by being notionally fiat-collateralized or via an algorithmic peg. Leaders of the Crypto industry have adopted the view that the burgeoning asset class will play an important role in a future tokenized global economy. This would involve not only in payments but also in enabling the development of sectors such as tokenized securities.