Payment company Circle has announced that it has purchased the Poloniex cryptocurrency exchange. Rumors of the acquisition had been circulating for weeks, and were finally confirmed today in press releases issued by both parties. Poloniex is one of the most well established cryptocurrency exchanges, but has been stagnating. It is hoped that the partnership will revitalize its fortunes while bolstering Circle’s presence in the crypto market.
Poloniex is an Original Gangster of the cryptocurrency world, having been around since 2014. But, in the last year, exchanges such as Bittrex and Poloniex have largely been eclipsed by newer entrants such as Binance and Kucoin. The former pair have failed to innovate, and traders have been forced to take their business to exchanges willing to list the latest tokens and cryptocurrencies. Poloniex still carries great weight however, and is the 14th largest cryptocurrency exchange based on trading volume. In the last 24 hours, $139 million was traded on the U.S. exchange, with bitcoin and litecoin accounting for 37% of the volume. With Circle now pulling the strings, there is every likelihood of Poloniex re-establishing itself as dominant global exchange.
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