Cryptocurrency

Circle Achieved $24 Billion Volume In 2018

Circle, a peer-to-peer payments technology giant has announced that their OTC (Over-the-counter) business has facilitated over $24 Billion worth of trades. It is a significant number considering the growing discussions about institutional investor’s approach regarding crypto OTC desks.

The crypto firm emphasizes that more than 600 counterparties executed around 10,000 trades over 2018. These trades cover 36 assets, and eminent consumers of the desk such as founders, hedge funds, proprietary trading firms, miners, crypto funds, and VC’s. Noting the firm’s position, Circle stated, “Circle Trade has become a core liquidity provider to the entire crypto ecosystem.”

The company adds, “Circle Trade, has continued to expand despite a tumultuous year for the industry: we onboarded a record number of new institutional clients, grew our trading operations to 24/7 with coverage in the US, Europe and Asia.”

The firm also detailed its future plan, stating, “This year, we anticipate further incremental growth in institutional adoption catalyzed by stablecoin usage, advancements in institutional custody solutions, increasing regulatory clarity particularly in the [United States], and improvements and innovation in core crypto infrastructure.”

The crypto economy has grown up so much in recent years, despite ups and downs. Similarly, Circle has also gone through the development over several product offerings. It holds over a thousand institutional partners from countries like the United States, Asia, the Middle East and Europe. The crypto biggie had also added more 150 employees to its staff.

One more achievement by the firm was the acquisition of Poloniex in early 2018. Poloniex was one of the earliest crypto exchanges as it was operating for five years. Following the takeover, Poloniex experienced a series of upgrades in terms of regulations and engineering. Revamping the customer signup and identity verification process was also part of the modification in Poloniex.

In 2018, Along with the rest of major crypto exchanges, Poloniex also added several tokens including EOS, BAT, KNC, LOOM, FOAM, SNT, MANA, BNT and USDC. Also, Circle built the Circle Asset Framework which is expected to give guidelines reviewing assets introduced within Circle’s products. Moreover, one more acquisition by Circle is SeedInvest, the largest equity crowdfunding platform in the United States. Although, the regulatory approval is pending for the acquisition.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.
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