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Cryptocurrency Exchange Poloniex Acquired By Circle

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Circle, a cryptocurrency-focused financial-services firm, announced on Monday evening that it acquired cryptocurrency exchange Poloniex. Announcing their acquisition through a blog post, Circle said, “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.”

Elaborating on their future plans, Circle added that in the long-run they envision Poloniex to grow beyond being solely a crypto assets exchange. They aim to become a multi-sided marketplace that has the space to host tokens which represent everything including, physical goods, fundraising and equity, real estate, creative productions such as works of art, music and literature, service leases and time-based rentals, credit, futures, and more.

However, some there are some interesting tidbits to the story. A journalist got his hands on a confidential Circle presentation where it details how exactly it plans to operate Poloniex.

Among other things, the presentation details that by acquiring Poloniex, “Circle will become the first regulated crypto exchange in the United States of America and will provide a platform for all kinds of token including tokens that are deemed as security.”

Apparently the company had also approached the U.S. Securities and Exchange Commission regarding registering “the new entity as a broker with regulating bodies such as SEC and FINRA and in turn would be licensed as an electronic market place.” The SEC reportedly was very pleased with the development and promised Circle of close co-operation.

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A blockchain enthusiast, a wannabe-crypto investor and an all-around enthusiast! Loves travelling, especially to ASI-protected areas, believes in giving her best shot at everything she does! Definitely an introvert.

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