Circle's crypto OTC trading marks five years

Crypto Finance company, Circle shared news on their celebration of half a decade of OTC trading on their platform leveraging the Circle consumer app.

Circle commenced by recollecting that five years ago, the original Circle consumer app was launched as a beta. The app allowed users in the US and UK to use their credit/debit cards to buy bitcoin. Circle noted that this flourished to become one of the largest OTC desks in handling over 24 billion U.S. dollars in volume.

Circle cited on the evolution of the desk as –

“As users of the app bought and sold bitcoin, Circle employees were in the background buying bitcoin to meet customer demand. While the beta version of the app was by invitation only, it eventually opened to the general public and its popularity picked up precipitously.”

Circle noted that at the right juncture, Dan Matuszewski, the current head of Circle Trade, joined Circle to help address the app’s growing needs. Circle highlighted that in early phases, Dan and team were buying and selling bitcoin directly with other OTC desks. During that period, people who traded with large volumes of bitcoin was less.

Circle further added that Dan used to interact a lot with those traders and had built a healthy rapport. This resulted in those traders using Circle to buy and sell bitcoin in large quantities. This development was the forerunner to Circle Trade, thereby expanding trade beyond frontiers.

An encouraging development to witness crypto firms marking anniversaries. A sure sign of capability!

Circle captured the essence of happenings in 2015 and 2016 while also mentioning the rising popularity of Ethereum. In 2015, despite the bearish trend, Circle Trade continued to grow. Although the year 2016 was marked by bitcoin halving, Circle Trade found its services thriving. The coming years were noted by Circle Trade supporting ether and ICO tokens as well.

Circle expressed that throughout the crypto’s rapid expansion, Circle Trade grew its operations across major global cities. The desk had traded with over 1,000 counterparties leveraging 36 crypto assets.

Earlier this month, Circle had announced about its closure of SeedInvest acquisition. The essence of this embrace was to pave the way for capital creation aimed at startups and upcoming companies.

Circle concluded by expressing on the future roadmap of Circle Trade. Since no one can foretell when the next market revolution would be or what would cause it, prospects are hard to predict. However, with the amount of innovation going in, the future shines brightly. Circle asserted that it remains as well positioned as ever.