Fresh off a $110 million fundraising round, cryptocurrency startup Circle Internet Financial has launched a new product aimed at bringing seven different cryptocurrencies to mom and pop investors all in one, fell swoop.
Called “Buy the Market,” the tool is part of the Circle Invest product line that launched earlier this year to bring new investment opportunities to retail investors and is designed to let anyone who passes a basic background check simultaneously buy Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Zcash and Monero with a single transaction.
In many ways, the investment service is similar to a series of recent cryptocurrency funds designed to target high net-worth individuals with a basket of cryptocurrencies. But the tool, which is available for use today, is also part of a recent trend of products aimed at giving retail investors the kinds of tools traditionally reserved for the wealthy.
“This is for the person who’s just getting their feet wet in crypto, and don’t really know how or where to start,” said Rachel Mayer, who helps manage the development of Circle’s investment products. “They can easily sign up and within a few minutes connect their bank account and instantly get access.”
Unlike some similarly structured funds that give institutional and accredited individual investors access to a basket of multiple cryptocurrencies for a minimum of $10,000 the Buy the Market investment vehicle requires a $1 minimum investment.
Purchases are then divided among the seven cryptocurrencies based on the size of each asset’s total market cap, with new currencies expected to be added down the road. Further blurring the line between the product and those traditionally aimed at serving wealthy investors, Buy the Market funds are being sourced from Circle Trade, an OTC trading desk that previously required a minimum of $250,000 to invest.
However, there is also a limit of $10,000 worth of cryptocurrencies that can be purchased per week, placing the potential investments just below the typical threshold that could trigger mandatory reporting in accordance with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations.