Poloniex Crypto Exchange Surpasses Bittrex, Posts Nearly 200% Trading Volume Increase
Poloniex, one of the most important and oldest virtual currency exchanges in the market has experienced a surge on its trading volume. Alongside Coinbase, Poloniex was one of the largest exchanges in the market. One of the main characteristics of the exchange is that it offers a large number of trading pairs.
However, in the last years, the platform lose an important number of users. New competitors appeared in the market such as Bittrex, Bitfinex, Binance, OKEx, Huobi and many others.
However, back in February, Circle acquired the company for over $400 million dollars. The community was surprised about this acquisition for $400 million dollars since they did consider it a very high price.
Later in April, Circle announced that they were working very well with the exchange and they were making significant progress. Circle focused on the customer support of the platform since the exchange had 159,000 pending customer complaints opened.
In order to solve that problem, the company decided to implement a new and strong support team ready to help users with their requests. Fortunately for the platform, it was able to attract more users and start to increase its trading volume once again.
For example, in the last hours, Poloniex is the 20th exchange in the market according to its trading volume, which spiked over 290% in the last 24 hours.
Back in April, Circle said:
“When the Poloniex-Circle integration began in late February, together we faced a backlog of 159,000 customer issues. Over the past 6 weeks, we have resolved 76,00 of those issues and added 6 new agents to our support team. We have tripled the number of engineers working on our wallet infrastructure and streamlined the process for notifying engineering when technical support is needed.”
In the future, the trading volume at the exchange may continue its growing path. However, it is possible to see that the exchange moved towards more important cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) or XRP rather than less liquid tokens.
If it gains momentum, the exchange will have to face strong competitors such as Binance, Upbit, Bithumb and Bitfinex. At the moment, Poloniex is rebuilding its infrastructure and starting to recover its audience. The results will take months to be seen but the exchange is clearly moving into the right direction.