Circle: Client Base Grows As Bitcoin Collapses

Crypto finance startup Circle isn’t hurting after bitcoin’s recent plunge. In fact, the company has seen a surge in hedge funds and other major investors joining its platform.

According to CNBC, the Goldman Sachs-backed company said that month over month it had a 30 percent boost in new clients and was doing 15 times more transaction volume each day than a year ago. This is despite the fact that bitcoin has plummeted more than 50 percent this year.

To keep up with the volume, Circle just announced that it was making “Circle Trade” automated so investors can place orders without having to talk to a person.

“In May, which was a challenging month, we saw a sharp increase of unique new counter-parties,” Circle founder and CEO Jeremy Allaire told CNBC in a phone interview. “A lot of folks on the institutional side are on-boarding, and getting their ducks in the row.”

Until recently, Circle employees would have to manually quote a price over an instant messaging platform such as Skype, then authorize those trades. Now the platform, which facilitates around $2 billion in trades every month, will be able to handle orders and settlements through an automated process.

Sourced through Scoop.it from: www.pymnts.com

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