Dublin based cryptocurrency startup Circle, which is backed by the likes of Goldman Sachs and Baidu, has decided to perform two things as soon as possible:
- Expanding its footprint in Asia, and;
- Improving its cryptocurrency exchange called Poloniex.
The company is now hiring 100 employees for these particular tasks. Some of those newly hired employees will be used to improve the customer service and operations at company’s recently acquired Poloniex exchange, while others may be sent to different parts of Asia if latest news report from Bloomberg is to be believed.
Poloniex was acquired by Circle last year in a $400 million deal. Currently it’s 14th largest cryptocurrency exchange in the world according to daily trading volume. Within last 24 hrs it processed transactions worth $180 million according to CoinMarketCap data. Therefore, it makes sense for Circle to strengthen it by improving its customer service and business operations. The company has some grand plans for Poloniex, which revolve around making it an “open global token marketplace”. Speaking on the topic Mr. Jeremy Allaire, co-founder of Circle, told Bloomberg:
“The long-term view is that every form of value on the planet will become a crypto token. We want to offer more markets, more assets, we want to localize it, and launch it in more international markets and, critically, we need to work with the most important regulators.”
So the company wants to convert Poloniex into that kind of marketplace which can host tokens for almost everything from works of art to literature. And that’s where efforts of some of these new hires will go.
Other new employees will be stationed at Circle’s institutional trading desk called Circle Trade, which manages transactions worth $4 billion per month for institutional traders. The company plans to start processing trades with Asian fiat currencies and that’s where efforts of some of these new employees will go. About 33 new hires will be posted in locations like Hong Kong, Japan, South Korea and China.
Circle’s products include cryptocurrency investing app Circle Invest, which allows retail investors to trade five cryptocurrencies commission-free and Circle Trade, which provides market-making services to institutional traders. The company is backed by $140 million of venture capital and doesn’t plan to raise any funds as of now. It expects to remain profitable for a second year according to co-founder Jeremy Allaire.