Poloniex, a U.S.-based cryptocurrency exchange, is acquired by Circle, a financial startup backed by Goldman Sach. Sharing the news with users, Poloniex states, "We look forward to bringing Circle's experience to increase the scalability and reliability of our platform and operations. User experience is paramount. If we aspire to build a token marketplace that will change the fundamentals of global value exchange, we cannot settle for anything less than excellence in our product."Rumors of Circle to buy the cryptocurrency exchange Poloniex swirled in recent weeks, says Robert Hackett from Fortune. It took roughly $400 M to close the deal, he confirmed.
"Built upon a foundation of blockchain technology and crypto assets, Circle is on a mission to make it possible for everyone, everywhere to create and share value.Poloniex addresses another key element of Circle’s product foundation: An open global token marketplace." states Circle blog.
What Happens Now?
In conjunction with Poloniex team, team of Circle will focus on scalability, reliability, and robustness. They are looking forward for 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.Poloniex assures to be focused on strengthening user experience, platform performance, and security in the course of the transition with Circle team. Users funds will remain safe and access to account functionality uninterrupted throughout.
Poloniex is one of the world’s leading token marketplaces since 2014. Available in over a hundred countries worldwide, it was the first exchange to reach $1 billion in daily volume. Customers have traded crypto assets equating to billions of dollars through the Poloniex platform. Acquiring Poloniex, makes Circle one of the most influential and largest liquidity providers of digital assets in the world.
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