Aug 2, 2019 19:25 UTC
Aug 2, 2019 at 19:25 UTC
Daniel Matuszewski Steps Down As Circle OTC Trading Branch Head
Circle’s over-the-counter (OTC) trading has recently hit a snag considering Daniel Matuszewski stepped down from the helm of the branch.
The money transfer and BitLicensed crypto trading company Circle has offered OTC trading to crypto investors for a while now, which seems like an extremely lucrative opportunity. Other big trading giants like Coinbase and Binance also offer OTC trading desks.
This recent resignation of Daniel has made news. He allegedly decided to step down in order to pursue a “brand new entrepreneurial opportunity in crypto.”
However, the position isn’t going to be empty for long since a replacement for Daniel has already been found. According to an anonymous source, Nick Gustafson will be the new head at Circle’s OTC trading branch. Gustafson has prior experience as a trader at cryptocurrency exchange Kraken’s OTC unit.
He has also worked as a trader at Circle for a little more than a year, which makes it easy for us to join the dots. Cicle’s OTC trading has been quite successful this past few months. Their OTC trades had a notional volume of $24 billion in 2018, and was only expecting volume to go up this year:
“This year, we anticipate further incremental growth in institutional adoption catalyzed by stablecoin usage, advancements in institutional custody solutions, increasing regulatory clarity particularly in the [United States], and improvements and innovation in core crypto infrastructure.”
So what are OTC desks? Well, OTC desks allow traders to conduct trade directly with each other, which can be significant for companies that can’t comply with the listing requirements for traditional exchanges. It has proven to be a convenient option for many big exchanges in the past.