Goldman Sachs-funded Circle acquires US crypto exchange Poloniex. The total sum for the acquisition transaction has stood at $400 millions, according to some of the online reports.
27 February, AtoZForex – Circle, a multi-currency sending app, has made an announcement today. The entity has informed the public that it has acquired the major US cryptocurrency exchange Poloniex. The sum for the acquisition transaction has stood at $400 millions, according to some of the online reports.
Goldman Sachs-funded Circle Acquires US Crypto Exchange Poloniex
Circle is funded by one of the US banking giants, Goldman Sachs. The company comprises three different parts, which are Circle Pay for the fiat transactions, Circle Trade for the liquidity provision of cryptocurrencies, and an upcoming Circle Invest. The latter is an app that will allow retail customers to invest in cryptocurrency markets.
The Poloniex exchange presently offers trades in 68 cryptocurrencies. It is currently holding the 14th place in the list of the largest cryptocurrency exchanges by 24-hour volume on CoinmarketCap.. The exchange is trading a total of almost $140 million on a daily basis.
The co-founders of Circle, Sean Neville and Jeremy Allaire wrote in an announcement that this move appears as the first step for the company to improve the customer support. They have stated:
“We also look forward to scaling Poloniex up and out through market expansion and localization, increasing token listings where possible and appropriate, and exploring the fiat USD, EUR, and GBP connectivity that Circle already brings to its compliant Pay, Trade, and Invest products.”
Circle co-Founders' Poloniex Vision
Moreover, reportedly, Circle co-founders state that they plan to grow the Poloniex platform. They have been quoted as saying that they envision Poloniex becoming:
“Robust multi-sided distributed marketplace that can host tokens which represent everything of value: physical goods, fundraising and equity, real estate, creative productions such as works of art, music and literature, service leases and time-based rentals, credit, futures, and more.”
The press release from Poloniex has also reflected that of Circle. The company has stated:
“To bringing Circle's experience to increase the scalability and reliability of our platform and operations. User experience is paramount. “
The company has also added that they strive to create a token marketplace that will transform the fundamentals of global value exchange.
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