Jeremy Allaire, Co-founder, and CEO at Circle and Sean Neville, Co-founder, and President at Circle reported on 03 January that Circle, a fintech firm based in the USA has handled 24 billion U.S. dollars worth of cryptocurrency trades in 2018 through its over-the-counter (OTC) trading desk.
According to the post, Circle executed more than 10,000 OTC trades across 36 different digital tokens. Circle also contributes to the crypto community by providing liquid funds to exchanges, miners, project pioneers, and founders.
Circle emphatically quoted:
“It has been a tremendous whirlwind of a year that saw fierce yet largely predicted challenges met with resilience and creativity, growth across existing as well as new products, new businesses acquired and integrated, and powerful new products and services built and launched.”
Circle is further striving to spread its wings by claiming that it would become a heavy-weight provider of liquid funds to the entire crypto ecosystem. It has already stepped ahead in its vision by partnering with over 1000 peer clients.
There were some impressive numbers put out by Circle. They proudly claim to have served over 8 million customers spanning more than 195 countries. The astonishing transaction count was more than 200 million, that sums up to a ballpark number of 75 billion U.S. dollars in value.
The Medium blog captured the diversity of the nationals who are involved in crypto trade. The highest majority of trading volumes are monopolized by the US and the EU/UK, amassing 30% and 25% respectively.
The fintech major spread positive vibrations for the year 2019. They have envisioned a more all rounded adoption of cryptocurrencies and a wider usage of stable coins. Circle also foresees an equilibrium in regulatory policies and advancement in crypto technologies.
In February 2018, Circle amazed the general public by closing the acquisition of Poloniex, one of the earliest crypto exchanges. This was one of the largest deals in the crypto domain.
Circle emphasized its efforts to elevate the standards followed by Poloniex and make it at par with its own systems. These process updates would encompass features like identity verification process and customer onboarding.
Circle also entered into stable coin business by launching the coin USDC in October 2018. This move was well appreciated, considering their transparency and reputed exchanges like Binance are steadily resorting to USDC as their base currency.
There are several key points enforced by Circle which made them get along despite the market downturn in 2018. This should give a clear indication of Circle’s secret to thriving in volatile conditions.