Today, February 26, payment company Circle announced it had acquired the largest American cryptocurrency exchange Poloniex. The result of this transaction can be a legitimizing cryptocurrency. The acquisition is aimed at strengthening the company’s position as one of the leading companies in the industry the Blockchain.
According to Reuters, a company based in Boston, is already using a private peer-to-peer payment network. At the time Circle was one of the most well-funded blockchain startups, and his circle of investors includes such giants as Goldman Sachs Group and the Chinese search engine Baidu.
In a statement published in the blog Circle, co-founders of the company Sean Neville and Jeremy Allair said:
“We’re proud to announce that Circle even more expressed their commitment to a new vision of global Finance, purchasing Poloniex — leading platform of exchange of cryptocurrency”.
Service Circle Trade per month processing transactions in bitcoin worth more than $ 2 billion with a minimum transaction size of $250 000 USD. Also, the company has many other products including app Circle Pay enables you to make payment via SMS, and soon the application will be launched Circle Invest, facilitate investing in cryptocurrencies. Interactive digital wallets are also available.
The first mission Circle will be to provide client support and also to pay attention to technical problems, the solution of which is necessary to operate the platform Poloniex. Next plans are:
“Poloniex to scale vertically and horizontally, through market expansion and localization; to expand the list of cryptocurrencies where necessary and appropriate, and to explore the possibility of binding to Vietnam to money (dollar, Euro and pound sterling), Circle who already uses the products, Pay, Trade and Invest.”
According to Coinmarketcap Poloniex — 14th in the world in terms of daily trading turnover, which is $ 142 million. Purchasing the stock exchange make Circle a direct competitor to Coinbase, which is essentially monopolized the cryptocurrency the US market over the last year.
Administration Poloniex has assured its users that throughout the period of the merger, the exchange will operate as usual and their funds are completely safe.