Goldman-Backed Crypto Startup Circle, expand into Asia

Fintech startup Circle said that it will hire 100 employees to expand into Asia and improve operations at Poloniex, its recently-acquired cryptocurrency exchange. The Dublin-registered firm, which has received funding from both Goldman Sachs and Chinese tech conglomerate Baidu, will use many of these new hires to improve customer support and operations at Poloniex, which Circle reportedly acquired for $400 million in one of the largest deals in the industry’s history.

At present, the US-based Poloniex ranks as the 14th-largest cryptocurrency exchange, as measured by daily trading volume. In the past 24 hours, Poloniex has processed nearly $180 million worth of trades, according to CoinMarketCap data. Other new employees will devote their efforts toward helping Circle’s institutional trading desk — Circle Trade, which manages about $4 billion in volume per month — begin processing trades in Asian fiat currencies. About one-third of the new hires will be stationed in offices spread throughout mainland China, Hong Kong, South Korea, and Japan, Bloomberg reports.


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