Goldman Sachs Backed Circle Acquires Poloniex Cryptocurrency Exchange

I've been using Poloniex for years and this is exciting news that the startup pay app "Circle" owned by Goldman Sachs purchases Poloniex. This is such positive news for an older American based exhange getting some real backing by way of Goldman Sachs. I'm clipping some quotes from the article below...

In a move that could potentially legitimize cryptocurrencies even further Goldman Sachs backed payments company Circle has acquired US crypto exchange Poloniex. The acquisition aims to extend the firm’s commitment to a new vision for global finance and cement its position as one of the leading companies in the blockchain industry.

The company blog post went on to state:

“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.”
Circle’s first mission will be to address customer support and scale risk, compliance, and technical operations to bolster the existing product and platform the blog said. Secondly it will look towards;

“scaling Poloniex up and out through market expansion and localization, increasing token listings where possible and appropriate, and exploring the fiat USD, EUR, and GBP connectivity that Circle already brings to its compliant Pay, Trade, and Invest products.”

According to Coinmarketcap Poloniex is the 14th largest crypto exchange in the world with a daily trade volume of $142 million at the time of writing

I'll be watching closely how this one turns out, and any updates tot he Poloniex protocol going forward. Cheers! Enjoy the knowledge...

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