News

Circle Acquires Poloniex Exchange

According to a Fortune magazine report, Circle has acquired Boston based exchange Poloniex today. The deal, that would be announced later today, was made for about 400 million dollars.
The payment processing company would seek to expand its crypto trading platform with this move, using the Poloniex expertise. The Circle press release heavily suggests that they will use the Poloniex services to aid themselves in the development of Circle Invest app.
The Circle release states that:”Firstly and immediately, you can expect Circle to address customer support and scale risk, compliance, and technical operations to bolster the existing product and platform”. Circle experience and manpower in those areas should help Poloniex address some well-documented users complaints. The Poloniex press release states that they will keep working with their existing customers on the same platform, implying that the Poloniex brand will be kept as is.
This buy stirs up the exchange market in the US, where Coinbase (the biggest exchange), Bittrex, and Kraken have a firm battle. The press statements can be found here, and here.

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