Crypto Startup Circle Facilitated $24B USD Worth Of OTC Trades In 2018

News | January 4, 2019 By:

Cryptocurrency platform Circle has revealed that its over-the-counter (OTC) trading desk has facilitated nearly $24 billion worth of trades in 2018.

In a blog post, Circle claimed that it executed 10,000 OTC trades with 600 different counterparties last year. These trades spanned over 36 assets and generated nearly $24 billion in notional volume. As such, Circle claims to have become a “core liquidity provider to the entire crypto ecosystem – including miners, exchanges, project developers, and founders, and to the new crypto asset investor base of VCs, crypto funds, hedge funds, and family offices around the world.

“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,” the company said.

In February of 2018, Circle acquired crypto exchange Poloniex for $400 million, which was one of the largest acquisitions in the history of the cryptocurrency industry. After the acquisition, Poloniex underwent a series of upgrades from a regulatory and engineering perspective, including revamping the customer signup and identity verification process. The exchange now allows the majority of customers to be verified and active within minutes of enrollment.

“Through expansion in support operations and engineering, we helped customers by reducing nearly 200,000 open tickets at the start of 2018 to fewer than 1000 by year end,” Circle said. “These issues also included historical stuck deposits and withdrawals that were freed for customers. Although we have lofty goals for further support improvements and innovation, our team has dramatically improved service levels and time to resolution.”

This year, Circle is anticipating further incremental growth in institutional adoption catalyzed by stablecoin usage, advancements in institutional custody solutions, increasing regulatory clarity particularly in the US, and improvements and innovation in core crypto infrastructure.

“As we approach 2019 and work closely with Coinbase in the establishment of CENTRE, we expect to see more issuers join CENTRE and launch issuance and redemption, more fiat currencies supported using the CENTRE protocols and governance scheme, and more products launch that leverage CENTRE fiat tokens to create value for their own customers,” Circle said.