Cryptocurrency Exchange Poloniex Gets Acquired by Circle
Today on Feb 26, one of the major cryptocurrency exchanges of the U.S Poloniex has announced that in a bid to smooth transition with the further scalability of its platform, it will be joining Circle to create a new token ecosystem of the future.
Circle is a Goldman-Sachs funded U.S-based digital payments company that uses the blockchain network and other open internets standards and protocols in order to facilitate global payments and transactions in a swift manner.
In its official blog post, Poloniex announced that it has been working in close coordination with Circle. Poloniex writes: “we have found a shared vision for a future in which decentralized cryptocurrency protocols create a far more open, inclusive, and evenly distributed global economy. Circle has been a leading liquidity provider to institutions and investors across a broad number of crypto assets since the early days of the industry.”
It further added that “They[Circle] have pioneered the creation of seamless consumer experiences around value exchange with Circle Pay and the forthcoming Circle Invest. With Circle's depth of experience, we could not imagine a better strategic partner to help us scale Poloniex beyond this phase of initial growth.”
Moreover, Poloniex goes on to assuring its entire community of crypto investors that it will preserve all the functionality and features on its exchange that has made it easy for its customers to trade on its platform, over the years. Further updates to the platform will also be aimed at strengthening the core user-experience, security features, and platform performance.
To ensure effective scalability from here onwards along with a smooth transition, the two companies will be working together in order to expand its operations and address customer support.
Poloniex stated that “We 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.”
The crypto exchange also further added that it looks forward to expanding its operations and services to more geographies thereby exploring options for the connectivity of fiat currencies across different global countries.
While commenting on this new acquisition, the Circle co-founders Sean Neville and Jeremy Allaire said: “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.”
The two co-founder also envision growing Poloniex into more than just a crypto-currency platform saying: “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.”