Kraken Acquires Circle’s Over-The-Counter Desk To Focus On Stablecoin
Kraken Acquires Circle’s Over-The-Counter Desk To Focus On Stablecoin
December 18, 2019
Kraken Acquires Circle’s Over-The-Counter Desk To Focus On Stablecoin
Kraken Acquires Circle’s Over-The-Counter Desk To Focus On Stablecoin
December 18, 2019

Kraken, the San Francisco-based cryptocurrency exchange, announced that it has acquired Circle’s over-the-counter (OTC) desk.

On December 17, it has been reported that Kraken said that the company has bought “one of the most recognized OTC desks in crypto.”

Sean Neville and Jeremy Allaire, the Co-founders of Circle, confirmed the sale of the Circle Trade OTC business to Kraken.

Neville and Allaire stated:

“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.”

However, according to Neville and Allaire, the sale of Circle’s OTC desk is part of its “sharpened 2020 product roadmap,” in which the company states that it needs to focus effectively on its stablecoin platforms by reducing complexity, tightening its product portfolio, and reorganize its teams to execute with greater agility.

ALSO READ :  BuyUCoin Seals Regulatory Approval From Estonia’s Financial Watchdog To Expand Its Services Abroad

It has been analyzed that Circle laid off another ten employees in early December.

Likewise, a representative of Circle told that the company streamlined some departments and eliminated about 10 roles. The spokesperson also confirmed that the company was looking to focus on its stablecoin, USD Coin (USDC).

However, Kraken expects this acquisition to “significantly bolster” its services, as it hopes to provide new global trading partners, deeper liquidity and tighter spreads across all supported assets, and improved trader tools that will help streamline the trade process from quote to settlement.

As Neville launched Circle with Allaire in 2013, both of them directed many of the changes in recent years, including a pivot away from Bitcoin (BTC) and Poloniex in 2018.

Source: blog.kraken.com | blog.circle.com | cointelegraph.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!