- Kraken has just recently announced it has acquired Circle’s over-the-counter (OTC) desk.
- In a blog post, the exchange said that they have bought “one of the most recognized OTC desks in crypto”.
- The sale of Circle’s OTC desk is all part of the plan for its “2020 product roadmap.”
The cryptocurrency platform based in San Francisco, Kraken has just recently announced it has acquired Circle’s over-the-counter (OTC) desk.
In a blog post published early this week, the exchange said that they have bought “one of the most recognized OTC desks in crypto”, Circle. The co-founders of the peer-to-peer payments tech company, Sean Neville and Jeremy Allaire confirmed the sale of the Circle Trade over-the-counter business to Kraken, stating:
“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.”
The sale of Circle’s OTC desk is all part of the plan for its “2020 product roadmap,” according to Neville and Allaire. The company intends to put a lot of its focus on its stablecoin platforms by losing the complex nature of them. On top of this, they plan to tighten its product portfolio and reorganise its teams to execute with greater agility.
Services will see a bigger increase through this acquision too.
As it states in the post:
This acquisition will also significantly bolster our services and capabilities by providing:
- New trading partners around the world, particularly in Asia
- Deeper liquidity and tighter spreads across all supported assets
- Improved automation and advanced tools for traders designed to streamline the trade process from quote to settlement
It will be interesting to see how this new move plays out. With Kraken and Circle working together, the future is surely one to look forward to. For more news on this and other crypto updates, keep it with CryptoDaily!