Breaking: Mobile Payments App Circle Acquires Crypto Exchange Poloniex For $400 Mln
From Cointelegraph
Multi-currency money-sending app Circle has announced today, Feb. 26, that they have acquired major US-based cryptocurrency exchange Poloniex for $400 mln, Fortune reports.Read more: https://cointelegraph.com/news/breaking-mobile-payments-app-circle-acquires-crypto-exchange-poloniex-for-400-mlnEarlier this month, Cointelegraph had covered previously unconfirmed rumors that this acquisition was set to soon take place.
Goldman Sachs-funded Circle is made up of three parts: Circle Pay for fiat transfers, Circle Trade as a liquidity provider of cryptocurrencies, and the upcoming Circle Invest, an app that will allow retail customers to invest in crypto markets.
The Poloniex exchange offers trades in 68 different coins, and is currently the 14th largest crypto exchange by 24-hour volume on CoinMarketCap, trading a total of almost $140 million today to press time.
In today’s announcement on the Circle blog, Circle co-founders Sean Neville and Jeremy Allaire wrote that the first step for Circle is to address customer support and the technical side needed to support the Poloniex platform. Secondly,
“We also look forward to scaling Poloniex up and out through market expansion and localization, increasing token listings where possible and appropriate, and exploring the fiat USD, EUR, and GBP connectivity that Circle already brings to its compliant Pay, Trade, and Invest products.”
I like this news. I was always a fan of Poloniex's interface and lending markets but then the customer service issues happened and I fled along with many others. Hopefully this sale will result in a revamp of their customer support and communication.
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Smart move on Poloniex's part selling out to GS. Buy low, sell high! Here come the big banksters to the crypto party!
I would say that's a good news. I am not going in the detail whether this exit strategy or acquisition is good or bad, I know only one thing and that is some is buying a startup from crypto space which is good for the crypto community.
It will encourage others to jump in and also give good message to investors.
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This news is so bullish. Goldman Sachs effectively owns a crypto exchange rn.
Agree re improving their overall service. Aside from the service perspective, I've looked at this from a finance/legitimacy angle. This acquisition further supports many thoughts by my colleagues that Wall Street has been playing both sides of the crypto "trade", like the old days of stocks or very similar to Junk Bonds back in the 80's and 90's. Slam the asset class you want to get involved in, buy cheap and go long, establish strategic positions and then formally support the asset class through M&A, cap markets, market making (legitimacy/liquidity), research/analysis (recommendations) and long term investors (individuals/ investor funds). We have heard that certain proprietary trading desks at both Wall Street firms and hedge funds have been accumulating long crypto positions. Now with this acquisition, GS is clearly supportive and indirectly involved (due to regulatory issues, they should not have directly ownership now, etc.) . This is another step towards greater legitimacy and acceptability. Lets now see what JPM, CB and the others to counter GS jumping in.
Meanwhile just the day before the acquisition (yesterday), sadly but typical, GS Senior Strategist, Global Investment Research released a video about the Bitcoin bubble.
https://www.facebook.com/goldmansachs/videos/10155852419177247/
I self upvoted to move up my comment higher for your thoughts.
Great, Awesome news my friend nice
Great post and good writing.i like your post and upvoted.
Very useful information and thanks for sharing.
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well thanks for sharing