circle kraken acquisition

  • Kraken anonunces the acquisition of leading OTC desks, Circle Trade.
  • Kraken becomes one of the leading Bitcoin firms in the industry.
  • However, Circle is shedding its’ crypto exchange businesses to focus on stablecoin projects

Kraken’s OTC desk under Wall Street veteran Nelson Minier sees expansion as the firm acquires Circle Trade. The recent buy also indicates how Circle is shedding its’ crypto acquisitions.

Recently, it sold the Poloniex Exchange to an Asian group of investors led by Justin Sun. The only firm that Circle currently holds is SeedInvest, an equity crowdfunding platform.

According to sources, the digital asset management firm is focusing its efforts on the USDC stablecoin. Jeremy Allaire, the CEO of Circle and co-CEO Sean Neville wrote that they will continue to built on their “platform services infrastructure.”

Circle Tokenizer provides with the opportunity to convert FIAT currencies into the USDC stablecoin. According to the firm, they are driving towards increased adoption of the technology.

Kraken Leads Bitcoin Business Acquisitions

On the other hand, Kraken is apparently on an acquisition spree. The current acquisition will allow Kraken to strengthen the liquidity and reach of it’s OTC desk. The exchange reported support from “New trading partners around the world, particularly in Asia.”

James Lopp, Crypto analyst and the CTO of CasaHodl tweeted,

By my count The Kraken has consumed at least half a dozen Bitcoin businesses. @jespow has truly built a monster

Rightly so, the acquisitions page shows how Kraken has concentrated its’ expansion plans on Bitcoin custody and wallets providers, and exchanges around the world.

The shifts undertaken by the two leading firms projects a dim future for altcoins. While Circle aims to provide stablecoin services, Kraken is expanding it’s business with support to limited number of cryptocurrencies. The current dominance of Bitcoin over the crypto market is at 67.5%.

Do you think that altcoins dominance will see another shift soon? Please share your analysis with us. 

The post Kraken Acquires OTC Desk from Circle as it Sheds Crypto Parts for Stablecoin Project appeared first on Coingape.

Source: Coin Gape