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Circle acquires Poloniex, to focus on crypto assets and bring pairs Fiat


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Circle, a payments and cryptocurrency company that raised over $ 100 million from leading venture capital and equity firms. 39, financial institutions like Goldman Sachs, has acquired the cryptocurrency exchange Poloniex to serve the market of tokens.

Crypto Assets, pairs of Fiat

Sean Neville and Jeremy Allaire, Circle's co-founders, officially announced the acquisition of Poloniex by Circle on February 26, welcoming the founding team of Poloniex as well as the base of the company. existing users of the cryptocurrency exchange.

The company noted that, under the aegis of Circle Trade, Poloniex will begin to provide significant liquidity and an efficient trading platform for investors in the global cryptocurrency market. With the resources and capital of Circle, Allaire has ensured that Poloniex will be able to scale efficiently, with risk, compliance and technical operations managed by the Circle team.

"Circle Trade serves institutions and investors as one of the world's largest providers of cryptographic asset liquidity, and our forthcoming Circle Invest application allows individuals to tap into the world of money. investment in cryptographic assets through a simple and transparent mobile experience Now Poloniex is addressing another key element of Circle's product foundation: a global open market for tokens, "said Circle.

At one point, Poloniex was the largest cryptocurrency exchange on the world market, before the arrival of major cryptocurrency trading platforms such as Bittrex and Binance. It was the first exchange to offer crypto-currency-cryptocurrency trading on a large scale.

Over the next few months, Circle's development team should focus on improving Poloniex's infrastructure in terms of scalability, reliability and reliability. robustness. The Circle team also pointed out that it would allocate its resources to support tokens or cryptographic assets and that it would introduce currency pairs with which traders can trade between crypto-currencies and fiduciary currencies such as the US dollar and the British pound. The Circle team said:

"We are also looking forward to the rise of Poloniex through the expansion and location of the market, by increasing the token lists where possible and appropriate, and by exploring the USD, EUR and GBP flat connectivity of its Pay, Trade and Invest compliant products More about these forthcoming efforts. "

Competition

Within six months, Binance has become the largest cryptocurrency purse in the world, adding more than a million users a month. On average, Binance records a daily transaction volume of more than $ 2 billion, mostly from cryptocurrencies and alternative tokens.

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Essentially, Poloniex is targeting the same market as Binance, and given the dominance of Binance and other crypto-currency-cryptocurrency exchanges such as OKEx and Bittrex, it is not realistic for Poloniex to go beyond these platforms in the short term.

But, with fiat matches, Poloniex could interest a wider clientele seeking a cryptocurrency exchange that supports both fiduciary currencies and tokens that allow traders to hedge the value of cryptocurrencies and to buy tokens. money.

The Circle team also noted that with the acquisition of Poloniex, it will look into the development of a decentralized market for assets, physical assets and other products.

"We envision a robust, multi-face, distributed market that can accommodate tokens representing anything of value: physical assets, fundraising and equity, real estate, creative productions such as works of art , music and literature, service leases and rentals based on time, credit, futures, and more, "added Allaire

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