It was a good day for cryptocurrency enthusiasts when they learned that a large Goldman Sachs-backed cryptocurrency startup Circle acquired digital token exchange Poloniex.
Why would they do this unless they saw huge potential in cryptocurrency markets and blockchain technology? They wouldn't.
So what does Circle hope to get out of this new acquisition? Well, Circle said on Monday that it aims to cement its position as one of the leading players in the booming market.
So what does it cost to buy out a huge cryptocurrency exchange like Poloniex? Well, according to Fortune magazine, the deal was speculated to be worth around $400 million.
“We’ve been really impressed with what they have been able to pull off. They defined what originally people thought of as ‘altcoin’ exchanges,” Circle co-founder and CEO Jeremy Allaire said.
So here is a little information about Circle for readers that are just getting clued in here:
Circle operates an app-based peer-to-peer payment network using blockchain, the technology which first emerged as the system underpinning cryptocurrency bitcoin. It is also one of the leading players in the over-the-counter market for bitcoin trading, and is soon launching a retail-focused app for buying cryptocurrencies, Circle Invest.
They are a big player in the peer-to-peer payment industry and based on my research they are now also one of the best-funded blockchain startups in the world with investors that include Goldman Sachs Group Inc and Baidu Inc.
I find this to be outstanding news and enough to turn the tides from a bear market to a bull market. I'm going to go out on a limb and say that smart money is going to load their bags with high potential cryptocurrencies in the next few weeks in preparation for some heavy moves upward.
What do you guys think about this news? Are we talking circle's or squares here?
Don't forget to leave your comments below!
Source:
Goldman-backed startup Circle buys major crypto exchange Poloniex - Reuters
Image Source:
Reuters