Financial technology company Circle has announced they have acquired popular cryptocurrency exchange Poloniex, for approximately $400 million.
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“We recognize that our extraordinary growth these past few years has not come without some growing pains for our users. We look forward to bringing Circle’s experience to increase the scalability and reliability of our platform and operations,” Poloniex said in a statement.
Circle intends to bring Poloniex beyond being “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,” Cirlce co-founders Jeremy Allaire and Sean Neville stated.
Poloniex informed its customers that they would not see a disruption of any services during the transition, stating “any updates we make in the course of this transition will be behind-the-scenes and focused on strengthening user experience, platform performance, and security.”
“Your funds will remain safe and access to account functionality uninterrupted throughout,” the exchange stated further.
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