A few hours ago came the news of the acquisition of Circle Trade by the Kraken exchange, which has thus decided to add an OTC (Over The Counter) desk and thus expand its offer of crypto trading services. Kraken now operates with a rather large pool of assets and a market open 24/7.
Kraken is acquiring Circle Trade! Details here:https://t.co/cq8h3F1YfI
— Kraken Exchange (@krakenfx) December 17, 2019
This acquisition of Circle will expand Kraken’s OTC offering, which allows it to buy and sell large quantities of crypto without adversely affecting the market.
As stated in the tweet, further communications are expected in the near future.
The reason for the acquisition
This means that Kraken will also have 20 additional crypto experts. Furthermore, the acquisition of Circle’s OTC will allow Kraken to have new partners, especially in Asia, and greater liquidity on various assets, as explained in the official press release.
Automation of some of the exchange’s features and tools will also be improved in order to make trading even faster.
The Kraken exchange is in the process of updating its platform: it recently announced support for the DAI/SAI stablecoin upgrade as well as a new version of the mobile app through which it is now possible to trade futures contracts.
Last year, Circle’s trading desk marked some really significant numbers: more than 10,000 transactions were made and 24 billion dollars were exchanged among more than 600 counterparties, hence these are really substantial figures, although not equal to those that Kraken has.
Circle had previously sold the Poloniex exchange, which is now part of the TRON ecosystem as it was acquired a few months ago by Justin Sun.
As of next year, Circle has decided that it will focus on its own USD Coin (USDC) and dedicate itself to a stablecoin platform.