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Circle Beat The Bearish Market: “We Had Very Significant Growth Last Year” its CEO Says

The market for cryptocurrencies and blockchain technologies remains a reasonably lucrative business despite the bearish trend experienced by tokens in 2018. Regardless of the technical indicators, businesses applying the “Buidl” philosophy have shown considerable growth, and Circle is an excellent example of this.

In an interview for Fortune’s Balancing the Ledger, Jeremy Allaire, CEO of Circle explained that although trading volume has decreased, the valuation of his Exchange and the use of its services grew over the last year:

When there’s not volatility, or prices are down, then volumes are down. We had very significant growth year last year, even though there was a crypto bear market

After Buying Poloniex, Tokenized Securities are under Circle’s Radar

Circle is one of the most influential companies in the world of cryptocurrencies, its OTC Trading Desk is extremely popular among high-volume traders. Likewise, the company was able to position itself in the spot trading market after buying Poloniex for a value close to 400 million dollars.

Poloniex Logo

According to information provided by Fortune, after its last round of funding, Circle was privately valuated at $3 billion; however, a report by Frank Chaparro published by The Block suggests that after the Bitmain debacle, Circle’s valuation could have fallen to less than $1 billion.

Despite the drop in volume, the Circle team has significant projects in mind, one of the most critical being the development of a tokenized securities trading platform. To this end, the recent acquisition of SeedInvest is a major strategic decision taken by the board of directors.

We’re going to look at ways that we can bring the benefits of digital assets, crypto technologies, and blockchains into this whole area of issuing securities over the internet

Circle is Focused On Promoting USDC. Facebok And USDT Are Not a Threat

USDC Coin Logo

Also, Circle is focused on promoting USDC, its native stablecoin. After the scandals that questioned USDT’s credibility and recent USDT claims that it is not 100% 1:1 backed by real dollars, Circle hopes to improve the positioning of its stablecoin by increasing its presence in other exchanges.

Facebook’s intention to issue its own stablecoin, did not concern Mr. Allaire; in fact, he commented that such initiatives are beneficial to the ecosystem:

I think it’s a great sign that major Internet companies are starting to look at issuing cryptocurrencies … That’s very, very positive in our view overall.

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Coinbase CTO Clarifies That The Firm Will Not Trademark the Word BUIDL

Earlier on in the day, there were news reports that the American cryptocurrency exchange of Coinbase had intentions of trademarking and owning the term ‘BUIDL”. The term is an intentional misspelling of the word ‘build’ that has been popularized by developers building on the blockchain. The CEO of Binance, Changpeng Zhao, has used the term several times to explain to the crypto community that the best thing to do during a bear market, is simply to keep BUIDLing.

Crypto community members have even proposed that BUIDL should replace HODL as can be seen in the following tweet by @KoroushAK.

The Trademark Application By Coinbase

The application to the Commissioner for Trademarks in the United States is available online and it clearly states that Coinbase Inc, a corporation of Delaware (USA), is the sole applicant wishing to trademark the word BUIDL.

Coinbase CTO Clarifies that the Firm Will Not Trademark BUIDL

Talk on twitter of Coinbase trademarking the word has caught the attention of the firm’s Chief Technology Officer, Balaji Srinivasan.

Mr. Srinivasan has in turn clarified via twitter that the firm’s CEO – Brian Armstrong – and himself, do not believe in trading such words that obviously belong to the crypto and blockchain communities.

His tweet can be found below.

Mr. Srinivasan also explained that the firm had no intention of preventing the community from using the term.

In more detail: the team had no intention to prevent the community from using it. There had been thought of a feature named Coinbase BUIDL and they didn’t want to attract patent trolls for a common term. Was 100% defensive filing.

What are your thoughts on the initial report of Coinbase trademarking the word BUIDL? Do you agree with the firm’s CTO that such unique words belong to the crypto community? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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