Despite the market downturn, one of the biggest blockchain startups is reporting a surge in institutional trading volume on its cryptocurrency trading app.
Circle is a Goldman Sachs-backed payments company with apps that let people invest in cryptocurrency and send and receive money to friends in 29 countries.
The company’s CEO Jeremy Allaire told CNBC its Circle Trading app recorded a 30% spike in institutional investors last month.
“In May, which was a challenging month, we saw a sharp increase of unique new counter-parties. A lot of folks on the institutional side are on-boarding, and getting their ducks in the row.
Major institutional investors don’t go through a telephone broker. They go through an electronic interface. We’re maturing this into a more traditional product.”
Circle’s new clients with deep pockets told the company they want the app to be able to handle $1 million in high-frequency equity trades.
In response, Circle is revamping its platform to ensure investors with big money can instantly trade in large amounts directly on its app.
Circle Trade has a minimum order size of $250,000 and is already one of the most dominant crypto trading outlets for institutional investors available.
The company currently powers about $2 billion in cryptocurrency trades per month.
Related: Circle Launches Crypto Dollar to Reshape Cryptocurrency Market
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