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The major US-based cryptocurrency exchange Kraken, has released an official announcement about the acquisition of Circle Trade, an over the counter (OTC) digital asset trading platform, in a notice posted on 17th December.
Kraken shared that the company’s OTC desk that is being run by the Wall Street expert Nelson Minier, will broaden to a team of 20 people from across the world. The new changes, according to the official blog post, will help them in bringing a better quality of service for crypto users that’s specifically suited to them.
The acquisition of Circle Trade will increase the quality of services and facilities by having a broader range of trading partners across the globe, particularly in the continent of Asia. It will also have more depth of liquidity and tighter spreads across virtual assets that are available on the cryptocurrency exchange.
Kraken further notes that it will have improved automation, certainly better than before, and cryptocurrency traders will have availability of more advanced features that are designed to streamline the process of crypto trade from quote to settlement.
Circle: Excited about Stablecoins
Circle Trade also published an announcement on its blog on 17th December regarding the acquisition. The post details the future of Circle in the upcoming years and the new measures it is taking. The blog post titled ‘Circle Organizes for Stablecoin Platform Focus in 2020’ was co-written by Sean Neville and Jeremy Allaire.
Circle announced that the company is optimistic about the sale of Circle Trade OTC to Kraken and that its staff has known and admired the team of Kraken for a long time. Circle also stated that they have confidence and high expectations that the users of Circle Trade and its partners will keep on finding the best OTC liquidity service as Kraken goes forward with its new digital asset venture. The company also writes that Circle Trade has been a giant success for the cryptocurrency trading platform, and that it is hopeful that it will grow even furthermore under Kraken.
Circle additionally states that it is approaching the upcoming year with an increased focus on stablecoins and its possibilities on a global scale. Circle proclaims in the post that in the year 2020, the company is excited to the core of what it has built and shares its new services and features through new APIs, which will quicken the adoption of stablecoins and digital currency at large.
Circle’s own stablecoin, USD Coin (USDC)trade, has already become one of the fastest growing stablecoins and globally one of the biggest full reserve stablecoin that currently in circulation.