The Circle's crypto-encrypted financial firm, sold at the counter, had a nominal $ 24 billion in 2018, according to an official article published on Wednesday's 3rd January.
According to the press release, Circle has made 10,000 OTC transactions with 600 different counterparties for a total of $ 24 billion. As so, the company claims to have become "the leading provider of cash for the entire cryptosystem."
According to Circle, the company now has partnerships with more than 1,000 institutional clients, such as stock exchanges, chip projects, OTCs, asset managers and other global funds. Circle said:
"This year, we expect further growth in institutional adoption, driven by stable use, progress in institutional solutions for preservation, greater clarity of regulation, especially in the United States, as well as improvements and innovations in the major cryptographic infrastructure."
OTC transactions allow investors to trade directly with each other without the use of intermediaries such as exchange of cryptocurrencies. OTC digital asset trading is particularly attractive for institutional investors who increasingly use OTC sales sites like Circle and Coinbase.
As reported by Cointelegraph in December 2017, institutional investors as a group turned to higher liquidity markets for over-the-counter (OTC) bitcoins. Investments in over-the-counter funds grow, as in the case of Coinbase, which launched OTC Trading for Institutional Clients in November 2018.
Coinbase has surpassed Bitcoin Investment Trust (GBTC) Grayscale on stock markets regarding BTC trading. Although the volumes of trading in outstanding markets are lower than those outside the OTC, they are still significant, as open markets are only open for 31% of contracted hours per year.
MV Index Solutions, a VanEck subsidiary that develops, monitors and licenses MVIS indices, has also taken over OTC train. In November 2018, MV Index Solutions launched its Bitcoin index based on three major OTC offices in November.