Breaking: Circle, A Mobile Payments App Circle Acquires Crypto Exchange Poloniex For $400 Mln
This Was Announced On Feb 26
Circle, which is a multi-currency money sending app announced on Feb 26 that they had acquired the US-based Poloniex Cryptocurrency exchange for an amount of $400 Mln. This is according to the Fortune reports.
However, Cointelegraph which is a Cryptocurrency based organization had made a cover of the previously unconfirmed rumors that the acquisition was going to take place.
The Goldman Sachs-funded Circle has a total of three sections: circle trade which is a liquidity provider of cryptocurrencies, circle pay for fiat transfers and also an upcoming circle invest. This is an application which will allow retail customers to make investments in the crypto markets.
The Poloniex exchange has been said to offer trades of around 68 different coins. However, it is the 14th largest crypto exchange by an estimation of 24-hour volume in the CoinMarketCap. Yesterday it traded an amount of almost $140 million.
In the circle blog today’s announcement, Sean Neville and Jeremy Allaire who are the co-founders stated that the first step for the circle was to majorly address the customer support and also the technical side required in the support of the Poloniex platform.
In their statement;
“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 coming future, they wrote that they have a plan to grow Poloniex into more than a crypto-exchange. They, therefore, 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.”
The Poloniex press release echoed the Circles sentiments, they wrote that they 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.”