Multi-currency money-sending app Circle has publicly
announced, that they have acquired major US-based cryptocurrency exchange
Poloniex for $400 mln, This announcement was made earlier today Feb 26 2018
according to Fortune reports.
Although there has been rumors earlier this month stating
that this acquisition was set to soon take place but none was sure when it will
happen, and today the rumors were confirmed to be true
Goldman Sachs-funded Circle is made up of three parts:
Circle Pay for fiat transfers, Circle Trade as a liquidity provider of cryptocurrencies,
and the upcoming Circle Invest, an app that will allow retail customers to
invest in crypto markets.
The Poloniex exchange offers trades in 68 different coins,
and is currently the 14th largest crypto exchange by 24-hour volume on
CoinMarketCap, trading a total of almost $140 million today to press time.
In today’s announcement on the Circle blog, Circle
co-founders Sean Neville and Jeremy Allaire wrote that the first step for
Circle is to address customer support and the technical side needed to support
the Poloniex platform. Secondly,
“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.”
In the future, Neville and Allaire write that they plan on
growing the Poloniex platform into more than a crypto-only exchange, saying
that they 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.”
“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.”
No comments:
Post a Comment