Following the hint of talks from a couple of weeks ago, it has now been confirmed that Goldman-Sachs-backed Circle have acquired the US-based Poloniex.
Circle Trade is already one of the world’s biggest over-the-counter trading desks around, backed by financial giant Goldman Sachs. It currently processes about $2 billion a month, catering to the major players and investors (its minimum trade level is $250,000). This new acquisition, though, will place it at the very forefront of the market. The Poloniex official press release stated:
We are excited to announce that as of today, February 26, Poloniex will be joining the Circle team and building on our foundations to further scale our platform, grow our global reach, and accelerate the token ecosystem in the months and years ahead.
What Lies Ahead?
Circle will now look to scale up Poloniex’s operations, using its significant financial clout. Their vision is to expand it beyond simple crypto trading, to include “everything of value”. They too put out a press release today, stating:
In the coming years, we expect to grow the Poloniex platform beyond its current incarnation as an exchange for only crypto assets. We envision a robust multi-sided distributed marketplace that can host tokens which represent everything of value: 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.
Evidently, it is extremely exciting times for both Poloniex and Circle, and this move could propel the partnership to new heights, potentially even taking on giants the likes of Binance, the world’s largest exchange.
Does this merger represent the market’s new major player seizing dominance? Let us know your thoughts on this exciting breaking news.