Headquartered in San Francisco, the leading cryptocurrency trading exchange Kraken has broadcasted the news about its OTC arm acquiring the “Circle Trade” OTC desk of renowned crypto startup firm, Circle, on December 17 through an official blog post. The Kraken team addressed the deal as the purchase of “one of the most recognized OTC desks in crypto.”
The news about the strategic integration between the two entities was further confirmed by Sean Neville and Jeremy Allaire, the co-founders of Circle firm. The spearheads revealed that the sale of the OTC desk was a part of its highly acclaimed “sharpened 2020 product roadmap.” The framework will guide the firm to lay emphasis on the betterment of its stablecoin solution, the USD Coin by streamlining the processes involved, improving the product offerings, and reshuffle the core team for revolutionary results.
“We have known and admired Jesse and his team at Kraken for many years, and we have every confidence and expectation that Circle Trade customers and partners will continue to find best-in-class OTC liquidity service and responsiveness through Kraken going forward. Circle Trade represents an enormous success for the industry as well as for Circle, and we’re excited to see Kraken grow it further,” said the Circle’s co-founders.
Recently, as a part of its revamping process, Circle broke the news about the elimination of ten job roles in some departments to improve the overall ecosystem of the firm. Also, the firm garnered the attention from the crypto space when co-founder Sean Neville stepped back from the post of CEO after the reshuffling process.
Kraken crypto exchange is having high hopes from the acquisition of the OTC desk of Circle firm and opines that it is likely to “bolster” its service offerings for the clients. The strategic partnership is likely to open doors for new collaborations with global trading partners, enhanced liquidity, and wider reach out for all the supported digital asset holdings. The exchange aims to offer a better version of the trading tools to its customers, which will eventually facilitate a seamless trading scenario on the platform.