Circle’s Crypto Trading Desks Financial Reporting Obligations Get Backing From Libra
Data service provider Libra recently announced that it would support Circle’s financial reporting requirements. The platform has also repeated its role at OTC desks for crypto trading, in which the process automates the back office system. As for Circle, its OTC trading venture includes over 2 billion per month in trading volume.
During the process, Libra is poised to ensure that back office operations will be as smooth as possible through automation. There will also be an independent reconciliation of data between banking and trading.
According to Patrick Corker of Circle,
“Libra’s solutions are an important part of Circle’s ongoing investments and committed to building highly scalable and automated management reporting systems. We look forward to quickly completing this implementation and continuing to work with Libra.”
The platform’s CEO Jack Benson added,
“Circle is a trailblazer in bringing innovative crypto solutions to the ecosystem.”
Benson also expressed appreciation for Circle’s provision of the “meaningful part of their infrastructure” and stated that Libra is excited about the collaboration and how it would break down data points for decentralized infrastructure in financial reporting.
Together, the partners will create an automated back-office process that offers the best-in-class connectivity solutions for businesses. Libra will also provide customers with connectivity, especially to Circle’s post-trading reporting infrastructure. The process is meant to be quick and efficient.
Libra is recognized for its secure and enterprise-grade solutions that it provides its customers. It works on improving the completeness and accuracy of data. The data can then be distributed or converted into information that is audit-friendly and capable of being organized in financial statements and reports.