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The renowned crypto exchange, Kraken has taken over Circle’s over-the-counter (OTC) desk. Circle was in the pursuit for a potential buyer for its OTC desk since the summer.
Kraken, the US-based cryptocurrency exchange has made an announcement about its acquisition deal with Circle’s OTC (over-the-counter) desk. Kraken has clarified yesterday that the company has acquired “one of the most recognized OTC desks in crypto-segment.”
In the recent past, Kraken Futures trading, the platform that is generated earlier this year on acquiringCryptofacilities. As part of this objective, Kraken Pro was announced to deliver all the security and features one loves about the Kraken Exchange, now in a beautiful, mobile-first design for advanced crypto trading on the go.
For now, about the latest acquisition deal, the co-founders of Circle, Jeremy Allaire and Sean Neville have also confirmed about the sale of the Circle Trade OTC business to Kraken, commenting: “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 was incepted in 2013, which happens to be one of the beginners in the gamut of digital assets, gradually, its OTC desk has become the most profitable businesses in the market. Their OTC desk accounted a notional volume of $24 billion in the previous financial year.
After the latest development, Kraken now reckons the expansion plans for more global presence as they beam up with optimism that the acquisition has the potential to provide ease of liquidity, exposures with the global trading partners, and specialized trading tools.
