Poloniex, a large cryptocurrency exchange based in the US, was purchased by a multi-currency money-sending app – Circle.
The unconfirmed rumours of a possible acquisition surfaced at the start of February first. They have now been confirmed and Poloniex changed owners.
Poloniex offers traders 68 different coins to trade and is at the moment a 14th largest crypto exchange by 24-hour volume. With roughly $170 million traded daily at the time of this article, the $400 million tag doesn’t seem so steep.
Circle’s co-founders Sean Neville and Jeremy Allaire explained that first step Circle is going to take, is addressing the customer support and the technical side of things.
“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 explained in the blog post.
In their press release, Poloniex expressed that they are looking 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.”