Crypto Circle sells OTC office to Kraken

Crypto Circle has sold the OTC office to the Kraken exchange. According to information circulated in the press, the company was looking for a buyer for this operation since the summer.

In a blog post, Circle co-founders Jeremy Allaire and Sean Neville said:

“We know and admire Jesse and his team at Kraken for many years. We have full confidence and expectation that Circle Trade customers and partners will continue to find the best OTC liquidity service and Kraken responsiveness going forward. Circle Trade is a huge success for both industry and Circle, and we are excited to see Kraken grow further. ”

Founded in 2013, Circle is one of the oldest players in the digital asset field. His OTC office was at one time one of the most profitable businesses on the market. In January 2018, the bureau recorded transaction volumes of $ 24 billion.

Crypto Circle Company begins its 2018 decline

Since then, activity has declined significantly, and in March, Circle fired about 10% of the financial department. The former director of the OTC office in Hong Kong left the company, and in August, Circle Trade’s commercial director followed suit.

The Poloniex crypto exchange, acquired by Circle, broke up with the company recently after just a few months. Circle also announced plans to close its payment application, Circle Pay, in June and suspended its research arm in September.

In the blog post, Neville and Allaire announced that the company will focus on its activity on the stable cryptocurrency USDC in 2020.

Kraken said the OTC office purchased from Circle will help it expand into Asian markets.