Poloniex Becomes First Digital Asset Exchange to Accept FOAM Tokens
Circle, the global crypto finance company, has been on quite a roll since its acquisition of the cryptocurrency exchange Poloniex. Fast forward, and the firm is now focused on bringing an array of diverse and compelling assets to its newly acquired trade platform. That includes digital assets with strong business models, fundamentals, technology, and market dynamics.
In the official blog post, Jed Breed, Digital Assets Lead at Circle, announced the introduction of FOAM into the Poloniex exchange. The move signifies a significant step for Poloniex in including new tokens in its crypto family, with more exciting announcements set for later this month.
“The addition of FOAM to Poloniex on the launch of its availability represents another milestone for our team this year. Thank you for your ongoing support as we grow the Poloniex family of assets to include new, innovative projects.”
— Poloniex Exchange (@Poloniex) December 10, 2018
FOAM, the token underwent a scrutiny process that saw it achieve clear standards set out within Circle's Asset Framework.
The Asset Framework provides Circle with an approach to understanding the potential of each digital asset. The structure would pose questions across fundamentals, people technology, business model and market dynamics to the new listing. That happens by filling out an Asset Listing Form whereby the asset's score in each category is determined through publicly available data points and information. However, the framework is not a comprehensive checklist but rather a measure through which Circle can prioritize new listings according to their potential.
Currently, the Poloniex is offering deposits and withdrawals, with customers now able to post limit orders. However, orders will not match for a minimum of one hour. The Post-only mode allows Poloniex's order books to fill before opening trading for the day. Such a move helps avoid the dramatic price swings experienced in the market. The exchange also went ahead to confirm that full trading in BTC and USDC pairs will be available for the crypto traders.
The FOAM protocol empowers a reliable and resilient world map that uses smart contracts as a basis to achieve consensus. Of a sort, the system introduces a “Proof of Location” model. Users and autonomous agents get to record authenticated location data without the need to use external third-party sources such as GPS.
FOAM, the native token, works to power a variety of services for geospatial data like participating in the Token Curated Registry of verified location data. The overall FOAM Network and protocol launched back in September 2018, but the tokens were initially under lock due to a Proof of Use period. The period ended on December 10, and now the FOAM token is transferable across the Ethereum blockchain.
CIRCLE is a cryptocurrency fintech company that allows people from around the world to create and share value through leveraging blockchain technology and digital assets. The firm, founded in 2013, tries to reinvent the image of cryptocurrency based finances through its main products: Circle Invest, Circle Pay, Circle Trade and its new addition Poloniex.