Circle Sells OTC Desk To Kraken, Will Focus On Its Stablecoin

The popular exchange based in San Francisco, Kraken, recently announced that it has acquired Circle and its over-the-counter OTC desk. As Circle sells OTC desk to Kraken, the company said that it will focus on its stablecoin in the future.

Meanwhile, a blog post published by Kraken showed that the company has bought “one of the most recognized OTC desks in crypto” as they noted. The co-founders of Circle Sean Neville and Jeremy Allaire confirmed the sale too and issued a statement saying:

“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.”

As Circle sells OTC desk to Kraken, Neville and Allaire said that the sale is part of their “sharpened 2020 product roadmap” in which they will focus effectively on their stablecoin platforms by reducing complexity, tightening its product portfolio and reorganizing its teams to execute with greater agility.

The announcement from today also follows the news that Circle recently laid off another ten employees this December. The crypto news showed that at the time, the company streamlined some departments and eliminated roughly 10 roles. The spokesperson from Circle also confirmed that the main target and narrative now is the stablecoin, USD Coin (USDC).

As Circle sells OTC desk to Kraken, the main focus for Kraken will be boosting its services.
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The exchange hopes to provide new global trading partners, deeper liquidity as well as tighter spreads across all the supported assets.
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One of their goals is the improved trader tools which is a suite that will help streamline the trade process from quote to settlement.

The Bitcoin news today also show that the co-founder and co-CEO of Circle, Sean Neville, recently transitioned to a post on the company’s board of directors which will be in January 2020. Despite launching Circle along with Allaire in 2013, Neville is now backing and pivoting away from the lead position.