Goldman Sachs backed circle acquires Poloniex cryptocurrency exchange. A move that could potentially legitimize cryptocurrencies even further? Bitcoin over 10k again.
In a move that could potentially legitimize cryptocurrencies even further Goldman Sachs backed payments company Circle has acquired US crypto exchange Poloniex. According to Reuters the Boston based company already operates its app-based peer-to-peer payment network using blockchain. It has been one of the most well-funded blockchain startups, and its investors include Goldman Sachs Group and Chinese search giant Baidu Inc.
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.
Built upon a foundation of blockchain technology and crypto assets, Circle is on a mission to make it possible for everyone, everywhere to create and share value. Circle Pay helps people around the globe connect to one another and share value just as they would share any other kind of content on the open borderless internet; 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.
We want to take a few moments to welcome Poloniex, present the immediate work you can expect from us with Poloniex right now, and share what we see as its future.
Welcome Poloniex!
We’re thrilled to welcome the Poloniex team and customers. Created by a team of crypto visionaries, Poloniex has grown to become one of the world’s leading token marketplaces. Available in over a hundred countries worldwide, it is differentiated partly by the breadth of its offerings. It was one of the first exchanges in the world to offer meaningful liquidity in ethereum, it was the first exchange to reach $1 billion in daily volume, and it has continued to boost innovation by hosting a broad variety of carefully selected tokens. Customers have traded crypto assets equating to billions of dollars through the Poloniex platform.
We’ve been privileged to get to know and collaborate with the Poloniex founders and their teams over the past several months as we contemplated this union and completed extensive due diligence together, and we learned that we share a similar perspective on the future as well as the same sharp sense of urgency about immediate needs and challenges.
Their brilliance is matched only by their deep passion for this new crypto-based ecosystem we are all building together. Similarly, the customers of Poloniex include millions of individuals who are passionate and involved in building the global crypto economy. Welcome to Circle.