Libra, technology and data services provider, recently said that it would support the financial reporting requirements of Circle. The company is now reiterating its role at OTC crypto trading desks where it automates middle and back office processes. Circle’s global OTC trading venture is currently handling over $2 billion in monthly trading volume, which could be one of the most crucial projects for Libra to manage.
Libra’s Role in Circle
Libra will support the back office for Circle Trade and engage with automated post-trade processing as well as an independent reconciliation of data between the platform’s banking and trading partners and Circle. It will be helpful in facilitating the creation of frictionless auditable financial information.
Circle’s Treasurer Patrick Corker praises Libra’s technology saying:
“Libra’s solutions are an important part of Circle’s ongoing investments and commitment to building highly scalable and automated management reporting systems. We look forward to quickly completing this implementation and continuing to work with Libra.”
Libra’s founder and CEO Jake Benson also commented on the partnership, saying:
“Circle is a trailblazer in bringing innovative crypto solutions to the ecosystem.”
He appreciated that Circle had trusted them to work on a “meaningful part of their infrastructure” and noted that Libra is looking forward to the collaboration. Benson also noted that the partnership would dissolve the pain points of the decentralized infrastructure when it comes to financial reporting in the crypto markets.
The Way Forward for Libra and Circle
The two partners will not just work on automated back-office processes but will also expand their collaboration to provide best-in-class automated connectivity solutions to all Circle businesses. Libra will connect its enterprise customers directly to Circle’s post-trade reporting infrastructure, which will help in removing manual back-office reporting. The automated processes will be quicker and more efficient as well.
Libra, the New York-based data and technology company, provides highly secure, enterprise-grade solutions for its customers that help in improving data completeness and accuracy. Data on decentralized and distributed platforms can be converted into auditable information like regulatory reports and financial statements using their cutting-edge solutions.