RATE Group | Circle Sells OTC Desk to Kraken to Focus On Stablecoin
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Circle Sells OTC Desk to Kraken to Focus On Stablecoin

18 Dec Circle Sells OTC Desk to Kraken to Focus On Stablecoin

Posted at 04:54h in Cryptocurrency News by

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San Francisco-based cryptocurrency exchange Kraken announced that it has acquired Circle’s over-the-counter (OTC) desk.

In a Dec. 17 blog post, Kraken said that the company has bought “one of the most recognized OTC desks in crypto.” Circle co-founders Sean Neville and Jeremy Allaire confirmed the sale of the Circle Trade OTC business to Kraken, saying:

“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.”

Circle is looking to focus on its stablecoin

According to Neville and Allaire the sale of Circle’s OTC desk is part of its “sharpened 2020 product roadmap,” in which the company states that it needs to focus effectively on its…

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