Circle, a payments and cryptocurrency company that raised over $100 millionfrom leading venture capital firms and financial institutions like Goldman Sachs, has acquired cryptocurrency exchange Poloniex to serve the token market.
Sean Neville and Jeremy Allaire, the co-founders of Circle, officially announced the acquisition of Poloniex by Circle on February 26, welcoming the founding team of Poloniex along with the cryptocurrency exchange’s existing user base.
The company noted that under the umbrella of Circle Trade, Poloniex will begin to provide significant liquidity and an efficient trading platform for investors in the global cryptocurrency market. With Circle’s resources and capital, Allaire assured that Poloniex will be able to scale effectively, with risk, compliance, and technical operations handled by the Circle team. “Circle Trade serves institutions and investors as one of the world’s largest providers of crypto asset liquidity; and our forthcoming Circle Invest app enables individuals to tap into crypto asset investment through a simple, seamless, mobile experience. Now Poloniex addresses another key element of Circle’s product foundation: An open global token marketplace,” said Circle.
At one point, Poloniex was the largest cryptocurrency exchange in the global market, before the entrance of major cryptocurrency trading platforms like Bittrex and Binance. It was the first exchange to offer cryptocurrency-to-cryptocurrency trading at a large scale.
In the upcoming months, the Circle development team is expected to focus on improving the infrastructure of Poloniex in terms scalability, reliability, and robustness. The Circle team further emphasized that it will allocate its resources in supporting tokens or crypto assets, and introducing fiat pairs with which traders can trade between cryptocurrencies and fiat currencies like the US dollar and British pound.
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