Kraken Exchange Acquires Circle Trade

Kraken cryptocurrency exchange announced the acquisition of Circle OTC platform. Kraken said in a blog post that the company bought “one of the most recognized OTC desks in crypto.”

Circle co-founders Sean NEVILLE and Jeremy ALLAIRE confirmed the sale of Circle Trade OTC business, stating:

“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.”

According to the founders, the sale is a part of the product roadmap for 2020. Circle says they need to focus on stablecoin development, while reducing their product portfolio and reorganizing the team. Earlier it was reported that in December, Circle laid off ten employees.

In turn, Kraken expects this acquisition to significantly enhance its services, as it hopes to attract new global trading partners, gain high liquidity, and improve trading tools.

Image courtesy of Kraken Medium blog