With cryptocurrency market leader Bitcoin down about 70 percent since its high in late December, blockchain start-up Circle is still garnering interest despite the bear market in digital currencies.

Circle, backed by multinational investment firm Goldman Sachs, experienced an influx of capital flow from hedge funds.

The impetus behind the Circle start-up is enhancing “Circle Trade” to allow investors to place high frequency and block orders without the need to talk to another human. Circle Trade is an over-the-counter digital asset trading option for institutions and large investors.

Circle Trade also operates a peer-to-peer payment network utilizing blockchain technology, which is the technology that forms the basis of cryptocurrencies. In February, the company expanded its market reach by acquiring cryptocurrency exchange Poloniex.

“Major institutional investors don’t go through a telephone broker, they go through an electronic interface,” said Circle founder and CEO Jeremy Allaire. “We’re maturing this into a more traditional product; it’s much faster and a more flexible way to trade.”

Related: Winklevoss Brothers Land Patent for Bitcoin ETF

Cryptocurrency Bear Market

Looking at the chart on the next page from Coinmarketcap.com, the market capitalization for cryptocurrencies represented with the blue line descended after hitting a high in early May with Bitcoin, the green line, following suit. Nonetheless, Allaire told CNBC that client growth in the blockchain startup did not wain.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.