Circle has increased the minimum size …
Circle Increases Minimum Size for Bitcoin OTC Trades to $ 500,000
Jeremy Ellair, CEO of Circle, funded by Goldman Sachs, told Business Insider that over-the-counter bitcoin trading on his service began to gain traction, as a result of which the firm was forced to double the minimum size for a cryptocurrency transaction: from $ 250,000 to $ 500,000. Elleyre explains this by saying that “the market is strong.”.
Moreover, according to Ellair, the average size of a crypto transaction is twice the minimum level: “The minimum transaction amount has moved to $ 500,000, and the average to $ 1 million.”.
However, Ellair suggests that $ 1 million is not such a large amount compared to the company’s really large crypto transactions, the size of which in the future could exceed $ 100 million..
“The mark will continue to climb,” he told Business Insider.
Over-the-counter (OTC or “over-the-counter”) transactions take place outside the traditional order books of cryptocurrency exchanges such as GDAX, Kraken or Binance, as their execution requires compliance with certain conditions.
Marketplaces like Circle boast increased liquidity and the ability to allow institutional investors and high net worth traders to trade without significantly impacting the market..
“If I have $ 5 million, I can’t get this deal through GDAX,” an anonymous industry spokesman told Business Insider..
Circle is, of course, not the only OTC bitcoin trading company. Cumberland has similar functionality, and recently, OTC trading was launched by the popular crypto exchange Kraken..
Circle now processes $ 2 billion worth of cryptocurrency transactions every month, up from just $ 1 billion over the past year. This success prompted the company to expand into the Asian market..
Circle’s cryptocurrency trading volume has increased after the company acquired the popular exchange Poloniex, with which it plans to expand into new markets, add new tokens and launch an exchange between fiat and cryptocurrencies..
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