Cryptocurrency exchange Kraken acquires Circle’s OTC desk

Circle’s months-long search for its hugely successful over-the-counter desk has finally come to an end as South Korean cryptocurrency exchange Kraken takes over the most extensive OTC desks in the crypto markets, Circle Trade.

The OTC desk was initially established to provide the much-needed liquidity for Circle’s Bitcoin payment app. However, its presence grew multifold, given the massive demand in counterparties at the time. Soon, Circle Trade became one of the most profitable businesses in the cryptocurrency space.

However, the last few months have witnessed Circle, who is also among the earliest investors in the crypto market, displaying a notable shift in its strategical direction. In September, it put its research and development entity, Circle Research, on halt and ceased its digital currencies payments app, Circle Pay, to focus on its core products. Earlier in May, the Boston-based firm shed around ten percent (10%) of its workforce, quoting regulatory uncertainties.

Cryptocurrency exchange Kraken strikes another goal with Circle Trade

In a 17th December 2019 blog post, Kraken confirmed that it is taking over the once-mighty Circle Trade. Circle’s co-founders Sean Neville and Jeremy Allaire also announced the news of the acquisition. In its statement, it says that Circle is proud to be associated with Jesse and his team at Kraken. We have known them for many years, and we are confident that Circle’s hugely popular business and best-in-class liquidity services are in good and steady hands. We are thrilled to see how Kraken takes it forward, Circle announced.

Meanwhile, Kraken’s head of OTC desk, Nelson Minier, will now be in charge of the Circle Trade division, which he plans to expand further by adding twenty more staff.

Besides Asian market, Kraken has successfully established itself as a name to reckon with in the US and European crypto markets.

Featured Image by Pixabay



from Cryptopolitan https://www.cryptopolitan.com/cryptocurrency-exchange-kraken-news/

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