Kraken cryptocurrency exchange acquires Circle OTC platform

Kraken cryptocurrency exchange

Circle on Tuesday announced the sale of its OTC platform to the Kraken cryptocurrency exchange.

Circle co-founders Jeremy Aller and Sean Neville said in a blog post:

“We have known Jesse and his team at Kraken for many years and are confident that Circle Trade customers and partners will continue to use the best-of-breed OTC liquidity service.”

According to sources, Circle has been looking for a buyer for the OTC platform since this summer. Once it was one of the most profitable enterprises in the entire market, notes The Block. In January, the company reported a nominal turnover of $ 24 billion over the past year, but this year was not so successful. In August, the head of Circle Trade, Daniel Matushevsky, left the company to open his own trading company.

Kraken said that with the new management, Circle Trade will try to get a share in the Asian market and will offer “deeper liquidity and narrower spreads in all supported assets.”

Kraken said that with the new management, Circle Trade will try to get a share in the Asian market and will offer “deeper liquidity and narrower spreads in all supported assets.”

“These APIs will be offered as services to companies and developers around the world so that they can take advantage of the stability and efficiency of stablecoin without the costs, complexities and risks associated with the independent implementation of the infrastructure.”

In October, Circle sold the Poloniex exchange, which it bought in 2018 for $ 400 million.

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