POLONIEX : BIGGEST CRYPTO EXCHANGE SOLD FOR 400 MILLION DOLLARS
Circle announced that it acquired one of the largest American cryptocurrency exchanges. Poloniex went to them for $ 400 million. The exchange is expected to turn into a multifunctional platform, increase scalability and reliability.
Circle is financially supported by Goldman Sachs. The company operates in three directions: transferring fiat money, as a provider of cryptocurrency liquidity and an investment market.
The Poloniex cryptocurrency exchange has in its arsenal 68 different types of coins for trading and ranks 14th in terms of trading volume. It composes about $ 140 million.
Circle co-founders Sheen Neuville and Jeremy Allaire wrote in a blog post that Circle’s first challenge is to provide the customer support and technical support required for the Poloniex platform. In addition, it is planned to scale this platform through expansion and localization of the market, possibly increasing the list of presented tokens, as well as using additionally fiat currencies. — US dollars, euros and British pounds sterling, which Circle is already doing for its Pay, Trade and Invest products.
In the future, the Poloniex platform is expected to turn into something more than just a crypto exchange, according to Neuville and Allaire. They see it as a reliable multifunctional trading platform for placing tokens representing almost all groups of values: tangible goods, attracting investment and capital, real estate, the results of creativity — works of art, music and literature, all types of leasing and short-term rentals, loans, futures and so on.
Cryptocurrency exchange Poloniex, in turn, also voiced its hopes in a press release, which are pinned on the use of Circle’s experience. They are expressed in increasing the scalability and reliability of the platform, as well as the operations carried out on it. According to Poloniex, the user experience is extremely important. And in the desire to overturn the established foundations of the global movement of funds by building a trading platform for the placement of various tokens, it is necessary to strive only for the maximum result.