Circle Trade was Circle’s over-the-counter (OTC) cryptocurrency trading desk, facilitating large, private crypto trades for institutional clients, miners, hedge funds, and venture capitalists. It provided liquidity across more than 30 crypto assets, enabling high-volume transactions outside public exchanges to avoid market price impact and ensure confidentiality. By 2018, Circle Trade had executed over $24 billion in trades and operated globally with 24/7 coverage. The desk played a key role in the crypto ecosystem by offering competitive pricing, settlement efficiency, and broad liquidity access. In late 2019, Circle Trade was acquired by Kraken, marking Circle’s exit from OTC trading to focus on stablecoin development.