Circle Pivots into Stablecoin Platform as More Execs, Teams Depart

Payments startup Circle is pivoting its business to exclusively offering stablecoin services together with the selling of its over-the-counter (OTC) trading desk. As portion of this move, the company confirmed the death of additional executives, only weeks after co-CEO Sean Neville announced that he will be stepping down.

In a lengthy blog post Tuesday, Neville and CEO Jeremy Allaire declared the company would be focusing on its stablecoin business through 2020, using a bundle of services built across the dollar-pegged USDC.

As portion of the transition, Circle announced that chief financial officer Naeem Ishaq and principal legal officer Gus Coldebella will be stepping down in their functions, though Coldebella will continue to advise the company.

In a statement of its own, Kraken stated its OTC desk could now see more than 20 workers, and permit the company to serve fresh trading spouses in Asia along with different areas of the planet. Kraken said the move would also bring deeper liquidity and much more automated tools.

As a consequence of the latest deal, Circle will concentrate on its own “core strength,” Allaire and Neville wrote, mentioning its “platform services infrastructure.” 

This infrastructure endorsed that the USDC stablecoin and “financial use cases worldwide,” the article stated. Next year, it is going to support international payment, custody and stablecoin wallet APIs.

“These APIs will be offered as services to businesses and developers everywhere who will be able to take advantage of the innovation and efficiency of stablecoins without the cost, complexity and risk of implementing this infrastructure themselves,” Circle wrote.

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