Social payment app Circle recently announced that it will no longer allow its users to buy or sell bitcoin on its platform. Circle said that the digital currency did failed to integrate itself into the app's core business.

In an interview with Reuters, Circle co-founder and chief executive officer Jeremy Allaire said "Using bitcoin for speculative trading or people buying and selling bitcoin because they think it's fun - that's not an interesting business for us."

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Circle said that if some of its users still want to buy or sell bitcoin, they will be redirected to the digital asset exchange Coinbase, according to TechCrunch. On the other hand, users can still continue to store the digital currency using the Circle app and  convert them into real-world currencies like dollars, pounds, and euros.

Allaire said that the lack of progress in bitcoin's technology is also a factor to their decision to cease the trading of the digital currency. Because of this, Circle decided to develop its own technology called Spark.

Spark is an open-source project that allows users to open a digital wallet where they could exchange currencies, including bitcoin, using blockchains.

Blockchain, which is the core technology behind the rise of bitcoin, has been adopted by other industries including the banking and financial sector. Blockchain offers a secure way of keeping and tracking records, making it ideal for such industries.

Circle was launched in 2013, and since then, the company has raised about $140 million. Allaire said that the company is on track in achieving more than $1 billion in payment transfers for this year alone.

TagsCircle, bitcoin, circle app, bitcoin transaction, Digital Currency, Bitcoin news, bitcoin support, circle app news