The license allows Circle to forge a banking relationship with British financial institution Barclays. This marks the first time that a major global bank has consented to a working partnership with a Bitcoin company; however, Circle has garnered investments from others in the past.
Circle's entry into Britain is another sign that we’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs. No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new fintech revolution.
After months of researching and reporting this important trend, Evan Bakker, research analyst for BI Intelligence, Business Insider's premium research service, has put together an essential report on the fintech ecosystem that explains the new landscape, identifies the ripest areas for disruption, and highlights the some of the most exciting new companies. These new players have the potential to become the next Visa, Paypal or Charles Schwab because they have the potential to transform important areas of the financial services industry like:
If you work in any of these sectors, it’s important for you to understand how the fintech revolution will change your business and possibly even your career. And if you’re employed in any part of the digital economy, you’ll want to know how you can exploit these new technologies to make your employer more efficient, flexible and profitable.
The authority facilitated the process by placing Circle in the government's Innovation Hub, one of multiple initiatives Britain has started to encourage fintech innovation, according to the New York Times.
As you can see, this very fluid environment is creating winners and losers before your eyes…and it’s also creating the potential for new cost savings or growth opportunities for both you and your company.
Among the big picture insights you'll get from The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry:
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of financial technology.
Circle was founded in 2013 and has enabled P2P Bitcoin transactions in the U.S., a system that will now come to Britain. But Circle has also wanted to use Bitcoin in order to make it easier for money to flow between national currencies, and this new license could be a major step toward that goal.
The Fintech Ecosystem Report: Measuring the effects of technology on the entire financial services industry is how you get the full story on the fintech revolution.
British economic secretary to the treasure Harriett Baldwin told the New York Times that the license and the Barclays partnership “prove our decision to introduce the most progressive, forward-looking regulatory regime is paying off and cements our status as the world’s fintech capital.”
This is a complimentary article from BI Intelligence, Business Insider's premium subscription service for business professionals. Learn More >>
This exclusive report also:
The Financial Conduct Authority, the top financial regulator in Britain, has granted an electronic money license to Circle, a Boston-based company that allows for peer-to-peer transactions using the virtual currency Bitcoin.
The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:
To get your copy of this invaluable guide to the fintech revolution, choose one of these options:
The British government has taken a big step toward making London a center of financial technology development.
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