Though set up during spring 2018 Circle has made quite a stride in the industry. Among its achievements is facilitating traders worth $24 billion through offering over the counter services.
According to information from a blog post, Circle is terming its firm as the to go to liquidity facilitator for the crypto industry. Through its personnel and great leadership, Circle had 10,000 successful OTC trade deals in 2018. It is through facilitating a conducive environment for its 600 independent parties that Circle was able to achieve the $24 billion trade volume.
Through Circle making a name for its firm through providing over the counter trades, the firm is tapping directly into the growing number of institutional investors who prefer OTC services. OTC services get rid of hiccups brought about by making trades through an intermediately. And with the success Circle had throughout 2018 Circle is dubs itself as the “core liquidity provider for the virtual currency industry.”
Trades Spanned Across Different Services
To achieve its $24 billion mark Circle was providing OTC services for different assets across the cryptocurrency sector. But the primary traders were made across over 36 assets with its main clients being VC’s, crypto funds, proprietary trading firms, hedge funds, founders and miners. Besides achieving the $24 billion mark Circle also grow its overall customer base with new clients. Due to the growth Circle has bagged 1,000 new institutional partners from across the globe. The increase in clients also led to Circle upgrading its services to providing 24/7 trading services for its client base in Asia, Europe, and the US. The growth also led to Circle increasing its overall personnel by hiring 150 new staff.
In addition to the above Circle also added a new firm Poloniex under its name in the first quarter of 2018. The latter has been running for the last five years, and in Circle hands, Circle made some improvements. The improvements were made on Poloniex process in identity verification and customer signup. More upgrades were also made on the engineering and regulatory aspect of Poloniex. Apart from all the above, various tokens were added to the overall number of crypto assets. The added crypto tokens are USDC, BNT, MANA, FOAM, LOOM, KNC, SNT, BAT, and EOS.
Besides the above upgrades, there were also some reductions made. Poloniex had a reduction in the overall number of customer support tickets from 200,000 to 100,000.