The over-the-counter (OTC) desk of crypto exchange Kraken will be expanding, as the company announced today it has acquired Circle Trade, the crypto OTC desk of digital money company Circle.
Circle has divested much of its crypto exchange businesses in the past months to focus on its USDC stablecoin product. A few months ago it spun off altcoin exchange Poloniex – which it had acquired back in February of 2018.
Today’s acquisition will boost Kraken’s OTC services and capabilities by providing new trading partners around the world, particularly in Asia. It will also contribute deeper liquidity and better pricing, along with improved automated and advanced tools from quote to settlement.
“Our industry-leading, global OTC desk, run by Wall Street veteran Nelson Minier, will now expand to more than 20 global professionals, deepening our ability to provide the personal, white-glove service that you expect from Kraken.”
– The Kraken Team
Kraken, known to make deals when it sees a good fit, earlier this year acquired UK-based derivatives exchange Crypto Facilities, which established the Kraken Futures business segment.