Finance company Circle claims its over-the-counter (OTC) cryptocurrency trading desk swapped a notional volume of $24 billion last year. The Boston-based company’s Circle Trade desk reportedly executed more than 10,000 cryptocurrency settlements between 600 unique counterparties in 2018.
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Additionally, Circle discussed acquiring the cryptocurrency trading platform Poloniex and emphasized that the exchange’s services have improved a great deal over the last 12 months. “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 1,000 by year-end,” Circle noted. Circle also remarked that Poloniex now has enhanced risk and compliance operations which allow the company to onboard customers within minutes of enrollment. The parent company detailed that Poloniex would see more UX improvements this year and the “continued launch of new markets.”
The company’s flagship stablecoin offering, USDC, saw “significant penetration” in 2018 and is now supported by 40 exchange platforms. The Circle-backed stablecoin is also being used by over 80 companies like wallets and other types of applications. Despite all the layoffs throughout the crypto economy, Circle’s institutional sales team grew 3x in size. Circle’s 2018 report shows that the ecosystem is still alive and well, but investment providers have somewhat shifted towards catering to institutional clientele. There’s been a huge influx of OTC buyers and institutional customers throughout 2018. Many other large digital currency-based firms like Coinbase, Blockchain and Etoro have announced OTC desks in order to capture these types of customers.
What do you think about Circle processing over $24 billion in cryptocurrency-based OTC volume last year? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, and Circle.
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Source: NewsBtc
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