October 1, 2022

Kraken acquires over-the-counter cryptocurrency trading platform from Circle

Circle payment company announced the sale of its OTC platform to the Kraken cryptocurrency exchange.

“We've met Jesse and his team at Kraken alreadyfor a long time and are confident that Circle Trade customers and partners will continue to receive the best of their kind OTC liquidity services, ”said Circle co-founders Jeremy Allaire and Sean Neville.

Circle, which was once one of the mostprofitable enterprises in this segment, tried to find a buyer on its over-the-counter platform since the summer of this year. In January, the company submitted financial statements, according to which its nominal turnover for 2018 amounted to $ 24 billion.

Kraken representatives said the newThe management will try to gain a share in the Asian market, as well as provide “deeper liquidity and narrower spreads”. Circle will direct all resources to the development of a business related to the stablecoin USDC, including the API wallet.

“Using the API, companies and developers from aroundthe world will have the opportunity to experience the benefits of innovation and stablecoin without the additional costs, difficulties and risks associated with self-integration of infrastructure, ”the company said.

Recall that in October Circle decided to sell the Poloniex exchange, purchased in 2018, for $ 400 million.