Poloniex Cryptocurrency Exchange Acquired By Goldman Sachs' Circle

One of the latest news in the Crypto world is about Poloniex acquisition by Circle Internet Financial, Inc for $400 million. The rumor about the acquisition has been circulating all over the internet for weeks prior to the official announcement. These two companies on Monday issued a joint press release confirming that they have indeed signed an agreement to work together to realize a common vision and goal after weeks of speculation.

In the press release, which was published on Poloniex’s official website, the U.S.-based company said that they are partnering with Circle in order to realize a shared vision of creating more decentralized cryptocurrency protocols. The company also revealed that their overall goal is to create a more inclusive, open, evenly distributed and active global economy.

Mr. Jeremy Allaire and Mr. Sean Neville, the co-founders and chief officers of Circle Internet Financial Inc, also said several positive things about the acquisition. They said that by partnering with Poloniex, their main aim is to improve the technical features and customer service of the Poloniex trading platform. They also revealed that they intend to scale up the cryptocurrency exchange through increasing token listings, market localization and expansion, and exploring the fiat currency connectivity which they already bring to its compliant Pay, Trade, and Invest products.

“We also plan to scale Poloniex up and out through increasing token listings, market expansion, and localization and exploring the fiat currency connectivity,” the Circle Co-founders said in the statement.

Poloniex is ranked among the best exchanges for trading cryptocurrency in 2018. According to the CoinMarketCap, a renowned cryptocurrency data provider, the company is currently ranked 14th in market cap rankings and overall trade volume. Available information on the company’s official website shows that the crypto exchange has processed more than 140 million US dollar’s worth of transactions in the last 24 hours.

According to the statement published on Circle’s official blog, they chose to work with Poloniex because the company has many achievements to boast about. It boasts as one of the world’s leading token marketplaces operating in more than one hundred countries across the world. The company is also one of the first exchanges to reach $1 billion in daily volume and the first one to offer liquidity in Ethereum. The statement also read that they trust Poloniex because the company has continued to improve on innovation by hosting a wide variety of advanced tokens.

It Will Be Business As Usual

Poloniex has assured their customers that they will preserve all the features and functionalities of their platform. The company has also come out clear by saying that any possible update and changes they will make on the platform will be focused on improving platform performance, strengthening user experience and enhancing the security of the platform. It has also revealed that all the updates and changes will happen behind-the-scenes and access to account functionality will not be interrupted. The company has also assured its customers that their funds will remain safe and secure in case of any update.

“Your funds on our platform will remain safe and secure, and access to your account will not be interrupted at any given moment,” Poloniex said in the statement.
Circle has also announced that they will work with Poloniex team to address serious issues such as customer support technical operations, risks and compliance.

Circle Company Profile

According to Wikipedia, Circle is a peer-to-peer payments technology company. The company was founded by in October 2013 by Sean Neville who works as the company’s CTO and Jeremy Allaire who works as the company’s CEO. The company has a mobile payment platform known as the Circle Pay which allows users to send, receive or hold traditional fiat currencies. Circle Pay also allows users to invest in the digital currencies. The platform processes cryptocurrency transactions amounting to more than 2 billion US dollars.

The company is funded by some of the world's greatest companies, including Baidu Inc, Goldman Sachs Group, Inc, and Breyer Capital. By acquiring Poloniex Cryptocurrency Exchange, Circle Internet Financial, Inc instantly becomes one of the world’s leading crypto companies with a lot of resources to cope and perform under an expanding workload.

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