Goldman-backed startup Circle buys Poloniex cryptocurrency exchange

LONDON (Reuters) - Goldman Sachs-backed payments company Circle has acquired U.S. cryptocurrency exchange Poloniex, Circle said on Monday, in an effort to cement its position as one of the leading companies in the world of blockchain technology.

“We’re proud to announce that Circle has extended its commitment to a new vision for global finance by acquiring Poloniex, a leading token exchange platform,” founders Sean Neville and Jeremy Allaire wrote in a post on the company’s website.

Boston-based Circle operates its app-based peer-to-peer payment network using blockchain, the technology which first emerged as the system underpinning cryptocurrency bitcoin. It is also one of the leading players in the over-the-counter market for bitcoin trading.

One of the most well-funded blockchain startups, its investors include Goldman Sachs Group Inc and Baidu Inc.

Poloniex is one of the biggest global marketplaces for digital currencies and tokens.

Source: Reuters