Circle, which operates one of crypto’s largest and best-regarded institutional trading desks, has announced more bullish news even as the crypto markets continue to bleed. According to CEO Jeremy Allaire, the company’s platform has recorded a 30% increase in new institutional investors. Mr Allaire observed that hedge funds and other top-tier players are “getting their ducks in the row” and beginning to introduce capital into the crypto markets.
It seems that despite huge drops in the value of Bitcoin and other cryptos over recent weeks, Circle is seeing dramatic increases in demand for its services. Trade on the platform has increased no less than fifteen-fold since this time last year, and now accounts for some $2 billion every month. The company is expanding and evolving its platform to accommodate this new business and is currently working to automate its interface, enabling faster and more flexible trading for its expanding client base.
Circle has made a series of major plays since raising over $130 million in venture capital between 2013 and 2016. The New York Times has described the company as playing a key role in helping “solidify Bitcoin’s reputation as a technology that serious financial firms can work with.” Earlier this year, Circle acquired crypto exchange Poloniex, and rumours have been circulating that the company is developing North America’s first fully regulated crypto exchange.
Mr Allaire has long been an outspoken supporter of crypto, commenting that one day “all fiat currency will be crypto”, and that the ultimate ascendency of crypto “seems inevitable at this point.” These most recent comments will be music to the ears of those holding digital currencies and waiting for a catalyst to bring some green back to the crypto markets.
