This week the cryptocurrency firm Circle revealed it has seen a significant uptick in institutional interest. According to Circle CEO and co-founder, Jeremy Allaire says even though cryptocurrency markets were down in during the month of May the company saw a 30 percent spike from institutional clients last month.
Also read: Meet Three More Applications That Utilize Bitcoin Cash OP_Codes
Despite the Sliding Market Prices — Circle Sees a 30% Uptick in Family Offices and Venture Capital Firms Investing in Cryptocurrencies
Cryptocurrency markets are down over 69 percent since December 16, 2017, and the past few months of 2018 has been awfully bearish. However, during this period of time, lots of companies like Coinbase, Bitgo, Circle, and others have been opening their doors to institutional investors. This week according to Circle’s co-founder Jeremy Allaire the firm had seen a notable increase in from institutional investors.
“In May, which was a challenging month, we saw a sharp increase of unique new counter-parties,” explains Allaire during an interview this week. “A lot of folks on the institutional side are on-boarding, and getting their ducks in the row.”
Circle states that it handles roughly $2 billion USD worth of trades on its platform every month. Allaire explains that before the flurry of corporate clientele Circle couldn’t facilitate extremely large orders of $100K to $1Mn trades in a high-frequency fashion. However now ‘Circle Trade’ can handle those types of fast swaps, and the company emphasizes that since then interest has stemmed from family offices and venture capital firms. Circle notes this type of clientele added 15 times more transaction volume per day than last year. Allaire details this week the industry is maturing greatly stating:
Major institutional investors don’t go through a telephone broker. They go through an electronic interface — We’re maturing this into a more traditional product; it’s much faster and a more flexible way to trade.
Circle Details How it Lists New Digital Assets and How the Firm Will Handle Future Forks and Airdrops
The news from the Unicorn cryptocurrency firm Circle follows the company’s recent explanation of how the firm chooses digital assets to be listed on its trading platforms. Furthermore, the company has provided a form for cryptocurrency development teams to apply for an asset listing. Circle also takes time to explain how they will handle future blockchain splits, forks, and airdrops that stem from coins they list.
“Because these events can be sporadic and dependent on circumstance, we plan to evaluate on a case-by-case basis — We are more likely to support these events if they are planned, documented and communicated well in advance,” Circle details.
We’ll communicate our decision as to whether or not to support an event at least 5 days in advance through the Notices section of the exchange homepage and an email to users holding a balance in the asset affected.
What do you think about Circle seeing an increase in interest from institutional investors like family offices and venture capital firms? Let us know your thoughts in the comment section below.
Images via Shutterstock, Twitter, Pixabay, Circle, and EJ Insight.
Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.
The post Cryptocurrency Firm Circle Sees Institutional Interest Spike 30% appeared first on Bitcoin News.