In news that is music to Cryptocurrency exchanges, unicorn crypto firm announced that institutional investors were trading big crypto volumes on its platform. The founding member of the Circle, Jeremy Allaire said that that the institutional investors were making inroads into their platform, creating massive business to the tune of $2 billion in a month.
The trading platform earlier reported minimal transactions to the tune of $100K to $1 million. The rush of big investors crossed benchmarks of $2 USD per month swapping investments for big venture capital firms and family offices.
15% Volume Increase in Transaction
Allaire was happy to report that the volume change in trading in the company per day had increased by over 15 x in the past year. He attributes to the high percentage increase in trading due to agreeing maturing of the industry, and his company is supporting that, “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’s listing method
The company had previously announced the method and the principles it adapted to list assets on its trading platform. It also released a special form for developers to fill out, to apply for the listing of the assets they are developing. Circle has been more or less setting the standards in terms of trading platform infrastructure through its sustained efforts at sharing information with developers and traders.
The transparent and informative discussions in the public domain on how it will handle issues in the future are of vital importance to very user on the platform. The methods by which the company will handle forks in the blockchain, in airdrops, splits will all be included in the coins list.
Further, the company stated that the occurrence of these events is typically very sporadic. This will create circumstances and there is a possibility to evaluate each of these issues on per developer or company basis.
The company proposed that it will support events on the basis of the communications, plans and other information pieces in the following manner: “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.”
Circle is backed by Goldman Sachs
The cryptocurrency trading platform is backed by Goldman Sachs and is the best-funded blockchain start ups. It has reported an uptick of 20 percent on the ‘circle trade’ platform in May. The platform is being automated to match the high-frequency trading, in terms of big block orders. In comparison most bitcoin exchanges had a tough May month, as the bell weather coin prices plunged across the globe.
Circle believes that it is for these reasons that it will continue to focus on further automation of its platform. It will allow investors to place high frequency orders or block orders without having to rely on human assistance.
