Circle's broken arm survives: layoffs, sell OTC department, specialize in stablecoin business

On December 18, the San Francisco-based cryptocurrency exchange Kraken announced that it had acquired Circle Trade, the OTC unit of Circle.

Circle co-founders Sean Neville and Jeremy Allaire confirmed the news, saying:

"We and Jesse of Kraken have known each other for many years. We admire him and his team. We also have full confidence and expectations. Circle Trade customers and partners will continue to find first-rate off-site liquidity services and responsiveness through Kraken. "Circle Trade represents the great success of the industry and Circle, and it's great to see Kraken develop it further."

Jeremy Allaire (Photo: Circle co-founder Jeremy Allaire)

Lay off, sell department, Circle will specialize in stablecoin business

According to Neville and Alaire, Circle's sale of OTC business is part of its 2020 product roadmap, and the company states that it needs to be more effective by reducing complexity, tightening product portfolios, and reorganizing teams To focus on its stablecoin platform.

In early December, just before today's announcement, Circle also laid off 10 employees. A Circle representative told the media at the time that the company had streamlined some departments and laid off about 10 employees. The spokesperson also confirmed that Circle wanted to focus on its stablecoin business, USD Coin (USDC).

In addition, Circle co-founder and co-CEO Sean Neville will resign as CEO in January 2020 and will be transferred to the company's board of directors.

Neville launched Circle in partnership with Alar in 2013, and during his tenure, he and Alar guided many changes, including avoiding the Bitcoin business and acquiring cryptocurrency exchange Poloniex in 2018 (Note: Circle has lost money this year Sold Poloniex).

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

The Bitcoin exchange is very hot, but the soil of the economics is very thin.

According to the coinmarketcap market data, the trading volume of Bitcoin in the past month exceeded the intra-month ...

Market

Jump Trading's Crypto Waterloo: Forced to Exit US Crypto Trading Market, Facing Terra Class Action Lawsuit

For Jump Trading, the traditional high-frequency trading giant in the encryption circle, the past year has undoubtedl...

Blockchain

UK Finance Minister: FCA has the final decision on whether to implement the ban on crypto derivatives

According to Cointelegraph's October 22 report, the UK government recently stressed that it is up to the regulat...

Blockchain

DeSpread Research Data Analysis of Centralized Exchanges and Investor Behavior in South Korea

According to a survey by the Korea Financial Intelligence Unit (KoFIU), it is expected that the number of cryptocurre...

Blockchain

Lawyer's point of view | Analysis of the regulatory environment behind the investigation of the currency exchange

Author: Hu Tao Source: The chain catcher's recent investigation of the currency exchange has triggered industry ...

Blockchain

The money was not earned, and the head was almost bald: interview with the boss of the startup exchange

Currently, one of the most profitable industries in the cryptocurrency sector is the exchange. According to The Block...