CNBC: Goldman Sachs‘s Circle Sees boom In Cryptocurrency Demand From Institutional Investors

CNCB just reported in an interview that Circle has observed a huge boom in crypto demand from Institutional Investors


Circle is one of the best-funded blockchain start-ups, saw a 30 percent uptick in institutional investors on-boarding to its “Circle Trade” platform in May, when bitcoin was down 20 percent. To match demand, the company is using more automation on its platform, catering to high-frequency trading and bigger block orders.

“Major institutional investors don’t go through a telephone broker. They go through an electronic interface,” Circle CEO Jeremy Allaire says. “We’re maturing this into a more traditional product.”

“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.”

“Major institutional investors don’t go through a telephone broker. They go through an electronic interface,” Allaire said. “We’re maturing this into a more traditional product; it’s much faster and a more flexible way to trade.”

 

Month over month, Circle says, it had a 30 percent increase in new institutional clients and was doing 15 times more transaction volume per day from a year ago. Meanwhile, the price of bitcoin fell roughly 20 percent in May.

Tags: technology, Bitcoin, cryptocurrency, cnbc, Goldman Sachs’s Circle, boom In Crypto Demand, Circle Sees boom In Crypto Demand From Institutional Investors

Mohsen Daemi
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