Titans are omnipresent within the current form of fiat currency and they tend to congregate in places such as Wall Street and the Swiss Banks; however, it seems cryptocurrency is set to get one of its own titans pretty soon. The company in question’s name is Circle, a financial services business that specializes within crytopcurrency, will be announcing whether or not it is purchasing Poloniex – a crypto exchange firm – by the end of today. And all are waiting with baited breath.
The volatility of the recent market for cryptocurrency has set many people in an endless swirl of panic. However, the fever has not seemed to set in at Circle. The firm acts as a middleman between convenience buyers and whales, therefore regardless of whether people are buying or selling, Circle is still set to make a ton of money. Hence, it is plain to see why they are not stressing at the moment.
How Circle Has Managed to Come Out on Top
Circle Trade is the main source of business for the firm, that particular portfolio can have around $2 billion in cryptocurrency transactions pass through its doors. And if you’re wondering the bare minimum amount spent on these transactions is a mere $250 000. Just in the past November right through to January, this particular department of Circle pulled in a total of $60 million worth of revenue.
Circle has been finding it relatively easy to procure customers in these uncertain times, thanks to their ability to post prices that are significantly less than the rest of the prices on the market. However, Circle is not alone there are many coveting their position include Genesis Trading, Cumberland Mining which is a subsidiary of DRW from Chicago and Octagon Strategy which hails all the way from Hong Kong.
But Circle is not merely content with their extremely profitable Trade desk, no they currently have an app that allows people to send money as easily as a person would send a message from their phones. An innovation of theirs that will soon be hitting the app stores is an app known as Invest where people with smaller amounts of money can invest in cryptocurrency in a similar fashion as other people do in stocks.
However the biggest news of all is that Circle has purchased Poloniex, this is the most active cryptocurrency exchange site, and it will set Circle into a whole new league of business. The transaction went for a cool $400 million and was the first step to paving Circles place as the future Wall Street for cryptocurrency.