Cryptocurrency Community Enthusiastic About Poloniex Exchange Acquisition
The already booming cryptocurrency community just received another huge bolster from the acquisition of the Poloniex exchange by crypto payment firm Circle.
In the terms of the deal released by Circle, the company will purchase Poloniex for $400 million.
Ranked as the 14th largest crypto exchange, Poloniex reported $139 dollars of cryptocurrency traded on its exchange for the 24 hours period beginning on Sunday, February 25th.
One of the first players in the digital currency field, Poloniex was perceived by many crypto traders as an easy, hassle-free exchange where most cryptocurrencies could be bought, sold and traded including the more obscure ICO alt coins.
Circle has gone through several redefinitions since its launch in 2013. Initially promoting itself as the one stop trading hub for bitcoin trading, the idea was far ahead of the maturation of the bitcoin community, resulting in the company’s changing business directions, refocusing its resources on becoming a social payment financial service, similar to Venmo.
CEO and co-founder Jeremy Allaire states that Circle’s original vision was to become an internet-based, consumer focused finance firm.
Today, Circle Pay and Circle Trade are part of the company’s family of fintech businesses. With recent reports of Circle Trade’s over the counter cryptocurrency exchange volume at $2 billion monthly and $60 million per quarter, Circle is among the most successful cryptocurrency financial companies, domestically.
Improving customers’ experiences has been a message sent by Circle which has been enthusiastically welcomed by the crypto community, who generally find that Poloniex has long been in need of a customer service upgrade.
Poloniex, however, has an exceptional track record for security, having avoided the types of major hacks, which have plagued several other large crypto exchanges.
In a message released by Poloniex to its community, the company assures its traders that their funds and account access will remain “safe” and “uninterrupted” throughout the business deal, adding that all updates to their systems will occur behind the scenes.