Circle Taps Libra for Back Office11.13.2018 By Rob Daly Editor-at-Large
Libra, a leading technology and data services provider for middle and back office crypto asset processing, has commitmented to provide support for Circle Trade, Circle’s global OTC trading operation with more than $2 billion monthly trading volume.
Libra will support Circle Trade’s back office, which includes supporting automated post-trade processing, as well as the independent reconciliation of data between Circle Trade and its trading and banking partners. This will facilitate the seamless and effective creation of auditable financial information.
“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.”
Circle and Libra are also announcing an expanded collaboration that ensures best-in-class automated connectivity across Circle businesses. 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 highly secure enterprise-grade solutions improve data accuracy and completeness with products that transform distributed and decentralized data into auditable information such as financial statements and regulatory reports.
“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.”
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