Poloniex Exchange Acquired by Mobile Payment Company Circle
Poloniex, one of the world’s largest cryptocurrency exchanges, has been acquired by Circle in a deal reportedly worth $400 million.
Circle Acquires Poloniex
After weeks of speculation, Poloniex announced Monday that it has been acquired by Circle, a cryptocurrency-focused payment platform. The announcement appeared on Poloniex’s official website Monday morning.
“In working closely with the Circle team to formalize our union, we have found a shared vision for a future in which decentralized cryptocurrency protocols create a far more open, inclusive, and evenly distributed global economy,” Poloniex said in a press release.
“We’re looking forward to joining forces with Circle, and would like to take this opportunity to reassure the Poloniex community that we remain committed to preserving the features and functionality that first drew interest to our platform.”
Circle co-founders Sean Neville and Jeremy Allaire also commented on the acquisition in a blog post that appeared on the company’s website. The co-founders said their top priority is improving customer service and the technical features of the Poloniex trading platform. They will then focus on scaling up the exchange for mass adoption.
“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,” they wrote.
The U.S.-based crypto exchange is currently ranked 14th in overall trade volume, having processed nearly $147 million worth of transactions in the last 24 hours, according to data provider CoinMarketCap. Currently, the exchanges supports 68 digital currencies.
Circle Company Profile
Circle is a a mobile money transfer service that offers fiat exchange, liquidity for cryptocurrency trading and a platform for investing in the digital asset class itself. Circle Trade, the company’s trading platform, processes more than $2 billion per month in cryptocurrency transactions with a minimum deal size of $250,000.
The company is funded by some big-name investors, including Goldman Sachs, Chinese internet company Baidu and Jim Breyer, a tech venture capitalist that got behind Facebook in its early days.
By acquiring Poloniex, Circle instantly becomes one of the world’s largest crypto companies with plenty of resources to scale up quickly.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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