Circle, a digital asset trading platform, backed by Goldman Sachs, is planning to strengthen its OTC (Offshore Technical Compliance) trading business. The firm has hired Vishal Gupta, a renowned fintech (finance & technology) expert as part of its latest push. As head of business development and partnership, Gupta is to oversee the firm’s OTC trading platform.
Fintech Expert Hiring
Top on the agenda with the new hire is leveraging Gupta’s accrued knowledge in electronic trading. The Circle trading platform conducts transactions worth billions of dollars every month. Similarly, Circle hopes to explore new ways of generating profit by taking advantage of Gupta’s experience.
Gupta is looked upon to streamline the company’s trade cost analysis by focusing on evaluating investor’s trading actions. While the method is popular in equity markets, it is untested in the crypto-space. Consequently, its deployment in the burgeoning cryptocurrency marketplace should have a positive impact. Furthermore, it could go a long way in motivating traditional companies to invest in the sector.
Circle Targeting Wealthy Investors
Circle is increasingly looking for ways to encourage high net worth investors to invest in the multi-billion crypto markets. By enhancing its OTC trading platform, Circle hopes to shrug off competition and attract new clients in numbers.
Likewise, focus is shifting to coming OTC solutions, dedicated to wealthy investors. Such solutions will allow the investors to trade various crypto-assets without worrying about their potential impact on their value. Most OTC transactions in the crypto-space occur via phone or Skype, something that has not gone well with wealthy investors.
Sensing a window of opportunity, Circle is planning to come up with an electronic OTC trading platform. The platform will focus on addressing the needs of high-net-worth investors eyeing opportunities in the burgeoning sector.
Crypto’s Bear Run
Reports indicate that institutional investors are increasingly eyeing opportunities in the crypto-space. Circle CEO, Jeremy Allaire, notes that institutional investors are increasing by 30% every month. The increase comes in contrast to the bear trend that has engulfed the cryptocurrency market for the better part of the year.
Furthermore, all the major cryptocurrencies have shed as much as 50% in market value since the start of the year. The implosion continues to arouse suggestions of a potential bubble burst. In contrast, its emerging institutional investors are streaming back to buy on the low. It is still unclear when the industry will bottom out.
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