Payment App Circle Confirms Acquisition Of Poloniex Cryptocurrency Exchange
Payment App Circle announced Monday, Feb. 26, that it has acquired the U.S.-based cryptocurrency exchange Poloniex for $400 million, confirming recent rumours about the deal.
The Poloniex Exchange offers exchanges in 68 different currencies, and is currently the 14th largest 24-hour volume cryptocurrency exchange in CoinMarketCap, operating a total of almost $ 140 million today to save time.
In a statement, Poloniex said that its team would be strengthened by Circle’s customer service and operational resources. It read:
“We recognize that our extraordinary growth in recent years has not been without growing pains for our users, and we look forward to offering the Circle experience to increase the scalability and reliability of our platform and our operations.”
Circle funded by Goldman Sachs is composed of three parts: Circle Pay for fiat transfers, Circle Trade as cryptocurrencies liquidity provider, and the prospective Circle Invest, an application that will allow retail customers to invest in cryptocurrency markets.
In today’s Circle blog announcement, it says that it plans to improve on the work done previously by the Poloniex team, citing the imminent need to address customer support and the technical aspect necessary to support the platform.
Commenting on the deal, Circle co-founders Sean Neville and Jeremy Allaire write that they plan to make the Poloniex platform more than just a cryptocurrency exchange.
“We envision a 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,” Allaire and Neville wrote.
Poloniex exhange promised its users uninterrupted services during the transition, writing that “all the updates we make during this transition will be behind the scenes and focused on strengthening the user experience”.
Join Us On Telegram