This week the cryptocurrency firm Circle revealed it has seen a significant uptick in institutional interest. According to Circle CEO and co-founder, Jeremy Allaire says even though cryptocurrency markets were down in during the month of May the company saw a 30 percent spike from institutional clients last month.
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Despite the Sliding Market Prices — Circle Sees a 30% Uptick in Family Offices and Venture Capital Firms Investing in Cryptocurrencies
Cryptocurrency markets are down over 69 percent since December 16, 2017, and the past few months of 2018 has been awfully bearish. However, during this period of time, lots of companies like Coinbase, Bitgo, Circle, and others have been opening their doors to institutional investors. This week according to Circle’s co-founder Jeremy Allaire the firm had seen a notable increase in from institutional investors.
“In May, which was a challenging month, we saw a sharp increase of unique new counter-parties,” explains Allaire during an interview this week. “A lot of folks on the institutional side are on-boarding, and getting their ducks in the row.”
Circle states that it handles roughly $2 billion USD worth of trades on its platform every month. Allaire explains that before the flurry of corporate clientele Circle couldn’t facilitate extremely large orders of $100K to $1Mn trades in a high-frequency fashion. However now ‘Circle Trade’ can handle those types of fast swaps, and the company emphasizes that since then interest has stemmed from family offices and venture capital firms. Circle notes this type of clientele added 15 times more transaction volume per day than last year. Allaire details this week the industry is maturing greatly stating:
Major institutional investors don’t go through a telephone
