Circle, the cryptocurrency trading division of investment banking giant Goldman Sachs, handled $75 billion worth of digital currency transactions last year, a clear sign that Wall Street is becoming more and more interested in cryptocurrency investments. In a blog post summarizing activity during 2018, the company reported strong growth as it has expanded to serve more than eight million customers across 195 countries.
Trading Cryptocurrencies through Circle
When Circle started operating a few years ago, it mostly served as a Bitcoin trading desk for Goldman Sachs; these days, the company offers a range of services that include cryptocurrency exchanges, trading, settlements, and app development. It should be noted that Circle acquired the Poloniex digital currency exchange last year, a trading platform considered to be one of the most established in the market. Circle removed more than a dozen cryptocurrency tokens from Poloniex and added ten new ones, including its very own USDC, a digital currency that is pegged to the value of the United States dollar. Unlike other tokens pegged to the dollar, USDC presents a clear functionality since it is used to support the trading of digital currency pairs, thus making it easier for Investors to claim profits.
Investors Generate Value to Cryptocurrency Markets
Through its Circle Trade initiative, Goldman Sachs generated $24 billion worth of cryptocurrency trading volume from institutional investors in 2018. Some of these clients were hedge funds and venture capital firms, but Circle Invest wants to attract pension funds and major investment banking firms that operate on Wall Street. With the powerful connections of Goldman Sachs, this could become a reality in 2019.