Cryptocurrency technology provider Libra has agreed to provide support for Circle’s global OTC trading operation as it continues to grow its presence in the digital asset infrastructure world.
Libra, which also provides services to a dozen fund administrators, will support the back office for Circle Trade which has more than $2 billion monthly trading volume.
This will include supporting automated post-trade processing, as well as the independent reconciliation of data between Circle Trade and its trading and banking partners.
“Circle is a trailblazer in bringing innovative crypto solutions to the ecosystem,” said Jake Benson, founder and CEO of Libra. “We truly appreciate the trust they have extended to us in selecting Libra to become a meaningful part of their infrastructure, and we look forward to collaborating with them to eliminate the pain points associated with financial reporting of crypto assets in this evolving market.”
Circle and Libra also announced an expanded collaboration for automated connectivity across Circle businesses.
The two parties said the goal of these efforts is to ensure Libra’s enterprise customers are directly connected to Circle’s post-trade reporting infrastructure in order to eliminate manual and time-consuming back office and reporting processes.
“Libra’s solutions are an important part of Circle’s ongoing investments and commitment to building highly scalable and automated management reporting systems,” said Patrick Corker, Circle’s treasurer. “We look forward to quickly completing this implementation and continuing to work with Libra.”
Libra closed a $15 million Series B round of funding in August as it continues to build out its core middle- and back-office product. The round brought Libra’s total funding to $24.8 million.