Circle 2018’s report: Over-the-Counter desk tasted $24 Billion trading

Goldman Sachs-backed cryptocurrency-focused financial services firm, Circle Trade executed more than 10,000 over-the-counter(OTC) trades, with nearly 600 distinct counterparties, across 36 different crypto assets and had a notional volume of $24 billion in 2018.

The company stated in their blog post:

“At the other end of the spectrum, our OTC trading business, 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, and added significant workflow improvements, including the launch of our RFQ Electronic API.”

According to Circle, the firm now partners with over 1,000 institutional clients such as exchanges, token projects, OTC desks, asset managers.

They further added:

“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 U.S., and improvements and innovation in core crypto infrastructure.”

About Circle:

Circle is the first regulated crypto exchange in the United States of America and will provide a platform for all kinds of tokens including tokens that are deemed as security. They are backed by $140 million in venture capital from investors including Goldman Sachs, IDG Capital Partners, Breyer Capital, Accel Partners, General Catalyst Partners, Baidu, CICC Alpha, EverBright, WangXiang, and CreditEase.

Link to the original news article can be found here.

Want to share your thoughts on this?