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Poloniex Cryptocurrency Exchange Purchased By Goldman Sachs-Backed Circle




Poloniex users are in for a changing of the guard since the cryptocurrency exchange is now under new ownership.

Today on February 26, 2018, the Poloniex exchange announced that it would join forces with Circle, a mobile payment liquidity provider.

Circle likewise issued a statement saying its acquisition of the exchange is part of an ongoing "commitment to a new vision for global finance." By integrating the cryptocurrency marketplace among its suite of services, Circle hopes to grow its customer base. In turn, Poloniex users will receive bolstered customer support.

Circle indicated that it would be "exploring the fiat USD, EUR, and GBP connectivity that Circle already brings to its compliant Pay, Trade, and Invest products."

According to Circle's announcement, users can expect Poloniex to increase token listings as well as maintain features that the exchange's customers have come to rely on. Circle also said it would scale Poloniex outward through both localization and market expansion.

Major industry backers have previously put their capital behind Circle. In 2015, Goldman Sachs joined IDG Capital Partners and others in a $50 million funding round for the payments company.

Goldman's current position on investing in Circle is unclear, as the investment bank recently reported that cryptocurrencies pose a risk to its business model.

Peeling back the onion a bit, a tweet from New York Times journalist Nathaniel Popper reveals a photo allegedly taken of a "confidential Circle presentation" where a slide claims the Securities and Exchange Commission (SEC) "would not pursue any enforcement action for prior activity."

This may indicate that Circle believes it would be in the clear of investigations into DDoS attacks that occurred last May. At the time, Poloniex was accused by some customers of market manipulation.

Regardless of Poloniex's past, Circle said it eventually wants to turn the platform into a distributed marketplace encompassing anything that can be tokenized:

"We believe that the contractual rules around exchange for anything and everything will become increasingly represented in distributed global software, rely on inconvertible distributed shared memory in the form of distributed ledgers, and benefit from the services of global multidimensional marketplaces such as Circle Poloniex."

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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