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Libra To Augment Circle Trade’s Financial Reporting

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Libra completes Circle Trade's needs.

Libra, a top-tier data and technology services provider, disclosed on Thursday that it would support Circle Trade. Impressively, Circle Trade is a cryptocurrency trading platform that boasts more than $2B USD trading volume per month. According to Libra’s statement, the tech company will support Circle Trade’s back office, which includes support for independent data reconciliation between the Circle Trade and its clients. In addition, the tech firm will support Circle Trade’s automated post-trade processing. At the end of the road, Libra will deliver seamless, auditable and effective financial records.

More Gains of the Strategic Business Partnership

Undeniably, Circle and Libra will ensure that Circle provides best-in-class automated connectivity across its expanding business scope. On the other hand, the team up of the two companies will also enable Libra’s enterprise customers to connect to Circle’s platform. The essence of the connection is for firm’s clients to leverage Circle’s post-trading reporting infrastructure, thus eliminating the time-consuming back-office reporting process.

Through its highly secure enterprise-grade solution, the company has spearheaded the improvement of data accuracy with transformational products. Certainly, these products improve distributed and decentralized data by making it auditable to a greater degree. Examples of such records are regulatory reports and financial statements.

Official Statements from Libra and Circle

Circle’s Treasurer Patrick Corker sheds light on the partnership. Corker pointed out that Libra’s secure enterprise-grade solution will play a vital role in Circle’s quest to improve its services. Clearing further, the treasurer noted that Circle is building a scalable and automated reporting system. One that would be incomplete without Libra’s services. He concluded that the Circle team looks forward to completing the process even as they continue to work with the data-focused firm.

The Founder and CEO of Libra, Jake Benson, responded. In his remarks, he praised Circle, saying that it brings an innovative cryptocurrency solution to the industry. Well, the chief executive thanked the Circle team for the trust they have reposed in them by bringing them into Circle’s daring mission. Speaking further, Benson added that his team looks forward to working with Circle to tackle the challenges of accurate reporting.

Background Information

Libra was founded in 2014 as a trusted, blockchain-driven tech firm to offer crypto-based middle and back-office solutions. It is based in New York City.  In clear terms, the company’s wide range of services includes audit and tax processing for funds and fund administrators, providing a system of records for automating and optimizing accounting and many others. All things considered, it has made a significant impact on the industry.

Risk Disclosure

This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

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