Circle doubling Irish workforce

As the startup launches a free international money transfer service...

Circle is set to double its workforce in Ireland to help achieve its ambition to become the world's default platform for digitally sharing money.

The Boston-based, Goldman Sachs-backed startup currently employs 20 people in Ireland, having established its international headquarters in Dublin in July 2014.

It wants to add as many new members of staff over the next two years.

Founder and chief executive Jeremy Allaire told The Irish Times:

"We're hiring a talent pool across a wide range of functions including compliance, risk, support, operations, legal affairs...

"Dublin is really becoming a critical office for us. It is the fastest growing one we have and we're obviously very committed to Ireland."

"We don't think there is any money to be made in payments anymore," Allaire continued. "The entire business model of extracting a toll or having time delays around the movement of value is going away completely."

His comments came as the blockchain payments firm 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. 

"When's the last time you sent a 'cross-border email'?" Allaire asked in a Reuters interview.

"The idea of cross-border payments is going to completely go away... Our vision is for there to be no distinction between international and domestic payments."

Circle traded over $800 million in digital assets last year and its customer base increased more more than 1,000% in the year up to May. Payment volume growth has rocketed up by over 500%.

Currently available in the US, UK, Spain and Ireland, it is set to launch in 15 other European markets .