Cryptocurrency firm Circle facilitated $24 billion worth of over-the-counter (OTC) trades in 2018, according to a blog post.
In spite of 2018’s gruelling bear market, Circle expanded their trading coverage across the US, Europe, and Asia. They also “onboarded a record number of new institutional clients.”
More than 10,000 OTC trades were executed on the Circle Trade platform in 2018, and $24 billion in notional volume was racked up in deals involving 36 cryptocurrencies.
Our co-founders reflect on a transformative 2018 that included new products, customer growth, and learning plenty of important lessons about building an open, global financial system.@Poloniex @centre_io @circleinvest @ResearchCircle @jerallaire https://t.co/1sATjRn0xf
— Circle (@circle) January 3, 2019
The company have become a “core liquidity provider to the entire crypto ecosystem,” facilitating deals for miners, exchanges, and developers.
The firm stated: “This year, we anticipate further incremental growth in institutional adoption catalysed by stablecoin usage, advancements in institutional custody solutions, increasing regulatory clarity particularly in the [United States], and improvements and innovation in core crypto infrastructure.”
Institutional investors have switched to OTC deals to avoid slippage on an exchange. The ability to transact directly through a desk like Circle minimises impact on the market price.
Aside from Circle, Coinbase and Poloniex also set up their own OTC desks in 2018, with Coinbase’s launching in November while Poloniex launched theirs in December.
For Coin Rivet’s exclusive guide on the OTC markets and OTC trading, click here.
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