Boston-based bitcoin company Circle has officially received an electronic money license from the U.K. This license, which came from the Financial Conduct Authority, will enable customers to make payments to other consumers using a mobile app, according to a report from The New York Times.

Circle's license will enable it to work with Barclays, which is considered the first time a large bank has agreed to work with a bitcoin company to enable money transfers, according to the press release about the announcement.

Circle enables customers to hold their money in fiat currency to avoid bitcoin volatility. When a customer performs a money transfer, he or she can purchase bitcoin then send the money in fiat currency to a bank account. This is part of Circle's goal to use bitcoin as a network to enable users to transfer funds between currencies more cheaply and efficiently.

"For the first time any consumer in the U.S. and the U.K. will be able to beam sterling and dollars back and forth, instantly for free," said Jeremy Allaire, co-founder of Circle. "That's just never been possible."