There are always interesting developments in the cryptocurrency industry. A big acquisition may help shape the future of Bitcoin OTC trading in the years to come. Kraken decided to acquire Circle Trade to step up its trading desk game.
OTC Trading is Crucial
Many people think of Bitcoin as an asset only traded on centralized exchanges. Some may even explore decentralized solutions, even though most of them are still controlled by central authorities.
Outside of those two options, there are ample ways to get one’s hands on bitcoin or other cryptocurrencies. Peer-to-peer trading and OTC trading desks often generate much higher trading volumes compared to what most users would expect to see.
Speaking of OTC trading, it is a service provided by most of the top cryptocurrency exchanges. Notable service providers include Bull Bitcoin, Kraken, Bithumb, and several others. Kraken is now looking to step up its game in this industry through a crucial acquisition.
The Circle Trade Acquisition
Individuals familiar with financial service providers will know the name Circle. This particular company has diversified its services a few years ago and ventured into the world of cryptocurrencies. Through that venture, the company has shown the world investors want to be exposed to volatile crypto price swings.
Circle’s venture into OTC bitcoin trading has not gone by unnoticed. It quickly became one of the most trusted solutions to buy bitcoin and other cryptocurrencies over the counter.
Earlier this week, the Kraken exchange decided to acquire Circle Trade in an effort to expand its own OTC trading offering. With over 20 global professionals working behind the scenes, Kraken aims to increase its industry-wide footprint in a positive aggressive manner.
Further benefits following this acquisition include gaining a bigger foothold in Asia, better liquidity across supported assets, and improved tools for traders. All of these elements are crucial for companies looking to build a strong reputation in the OTC crypto trading services.