Circle Financial CEO: “We Trade Over $1B in Crypto per Month”

The Boston-based bitcoin startup, Circle Financial, announced last year they would stop buying and selling bitcoin from users, but the company claims to still be the “second largest crypto asset trader in the world,” according to CEO Jeremy Allaire.

Also read: Markets Update: Bitcoin Rallies While Traditional Assets Tumble Worldwide

Circle Financial Claims to be the ‘Second Largest Crypto Trader Worldwide’

Circle Financial CEO: "We Directly Trade Over $1B in Crypto per Month"Last December, the company Circle Financial announced that it would stop servicing direct consumer bitcoin trades. The company surprised many bitcoiners as it pivoted its business model to handle cross border cryptocurrency payments and Over the Counter (OTC) trading. According to Circle’s founder, Jeremy Allaire, even though the startup stopped managing direct bitcoin services for consumers, the company still maintains a lion’s share of cryptocurrency trading. When recently asked what Circle has been up to lately Allaire responded by saying;

We use bitcoin and ether, and we are the second largest crypto asset trader in the world. We directly trade over $1B in crypto per month.

Circle Provides ‘Significant Scale in OTC Trading With Large Natural Buyers’

Circle Financial CEO: "We Directly Trade Over $1B in Crypto per Month"
Circle’s CEO Jeremy Allaire says the company is still very much involved with bitcoin.

Circle announced its decision to create, “Spark,” a cross border payment system aimed at citizens in the Philippines and Korea. Alongside this, the company would deal with OTC exchanges between large financial institutions and would eliminate the Circle app’s direct bitcoin purchases and sales. In response to Allaire’s comment about being the second largest crypto trader globally one individual asks, “Where? Your app has forbidden bitcoin for almost a year now.”

“We don’t enable direct consumer trading, we market make on all major exchanges, and provide OTC liquidity services to institutions,” explains the Circle founder.

This July the company announced “free cross border payments” and explained that the company was growing exponentially in Europe. According to the company, over the past few years Circle created a treasury to ensure customers can transfer money instantly. With it’s OTC services, the startup also “actively trades and provides significant market liquidity for bitcoin, ether, xrp and increasingly nascent tokens and ICOs.”  

We actively make markets on nearly all major exchanges globally, and provide significant scale in over the counter (OTC) trading with large natural buyers and sellers of crypto assets.

It seems Circle is still very much involved with bitcoin these days and has even opened up to multiple cryptocurrencies as well. Most of Circle’s business model is now working with the decentralized currencies from behind the scenes, and the last few months “growth has been significant,” explains Circle.

What do you think about Circle working behind the scenes with bitcoin and other crypto assets? Let us know your thoughts in the comments below.

Images via Shutterstock, and Circle Financial’s blog.  

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  • bitfur

    Why the Alt coin prices down when this is now a crypto world and everyone takes the top 10-20 Coin everywhere

    • Soliman

      because bitcoin is going up so fast but that will not be the same senario for long the alts bubble will be harder than bitcoin any time soon

  • Circle lost all use/interest to me when they no longer let you enter/exit the market (convert to or from USD to BTC in my case). They send you to Coinbase for that. So whatever they are doing, it must be, literally, their own business, because I don’t know anyone who uses it.

    • InOneHour

      If I recall Jeremy said he was waiting on the sidelines for scaling solutions on Bitcoin, now that Segwit is almost here, I look for Circle to move forward on some projects. I wish them well, Circle was/is a trusted entity.

      • Umm, no that wasn’t me. Maybe i said something about it but I have had active crypto investments for years. Dunno why personal attacks are warranted.

  • Bobby Jones

    This CEO is such an idiot. They could have just increased their fee from 1% to 3% and still had the entire USA Debit card business. This guy is obsessed with hating Trump and can’t focus on his business at all.

  • wolfman

    Good for jeremy ,,,,,,you are a flake in my humble opinion…..I really liked Circle and you can state all the figures you want… are a private company, so who knows if you are telling the truth? Personally I think you are corrupt!

  • Dr. Bubó

    In other words, they are in the big game now, cross-exchange arbitrage…

  • Kirill Suslov

    How can a company with a mobile only approach and $136 mln in funding have only 3.8* rating on just 6k raters in Google play and 2.0* rating on just 804 raters? Just burning investors money and not making a good product? Please tell me what am I doing wrong with TabTrader bitcoin trading then? We have similar number of downloads and trading volume but 4.7* rating and zero funding.