Have you ever found yourself in a situation where you have a few thousand dollars lying around and you can’t quite decide what to blow it all on? Well, Circle, the Goldman Sachs-backed company that bought out Poloniex earlier this year, have come to the rescue!
“Buy The Market” is a new feature on the Circle app platform that lets you invest in seven cryptocurrencies with just a single click of a button. You can start your foray into mass portfolio expansion with as little as $1 – although to be fair that’s not going to get you much when spread over seven assets. How much ETH does 14c get you these days?
The seven available coins include BTC, ETH, BCH, LTC, ETC, ZEC, and XMR. Personally, my top seven would have been a slightly different choice but it’s a good spread either way. The app doesn’t actually spread the investment equally, of course, but rather divides it based on each coin’s current market cap – which makes sense considering the huge variation between them all.
— Mashable (@mashable) May 23, 2018
The feature exhibits similarities to crypto index funds but differs in that it’s just an ease-of-purchase option, not a real fund. As Circle’s Senior Product Manager Rachel Mayer pointed out, it doesn’t have any of the usual 3% fees and the $1 entry requirement is significantly lower than that of the $1 million net worth and $5 million in assets required to be considered an accredited investor in the U.S.
The aim of the feature is to attract new customers and promote interest amongst amateur investors to diversify their portfolios in an easy and balanced way. As public interest in cryptocurrencies grows, there has been a strong drive to develop technologies such as these, that allow automatic and passive investment opportunities.
The Circle Invest app is available in the U.S on both Android and iOS. The company plans to launch in Europe soon.
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