Topic: Circle is buying Poloniex (Read 176 times)

But nobody is bothered that circle was purchased by Goldman sachs?
Meaning they own circle which now owns poloniex.

I would be worried to be using them from now on knowing this because if it fails they wouldn't give a heck about saving it.

Just another company they can write off and cut their losses on when the time is right.

Market share. Same reason that Bank of America is patenting a cryptocurrency exchange system. What makes Poloniex so valuable is the quid quo pro with the SEC:

The only way is up.

I really wonder what Poloniex has to offer that Circle wanted.

Here's a slide from a Circle presentation that was leaked this morning. Check out the second section in particular:


Basically, Circle told the SEC that they would turn Poloniex into a fully registered/licensed broker-dealer. In return, the SEC said they wouldn't pursue enforcement actions for any past behavior. Pretty sweet deal.

Big changes ahead for polo and it can really go either way from this point.

The SEC element explains why Poloniex wants existing legacy members to do a full KYC to continue trading after the first quarter.

They might. This Circle presentation says that they will be bringing in 80 - 100 personnel.



What I like most about it is Circle will make Poloniex the first legal "crypto exchange" that would enable it to legally list tokens that are classified as "securities" by the SEC.

Prepare for the emergence of the next great exchange in Bitcoin land.

They might. This Circle presentation says that they will be bringing in 80 - 100 personnel.



What I like most about it is Circle will make Poloniex the first legal "crypto exchange" that would enable it to legally list tokens that are classified as "securities" by the SEC.

Prepare for the emergence of the next great exchange in Bitcoin land.

Let's hope Circle improves things. Might actually use Polo again if they do.

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 happens next?

We're looking forward to joining forces with Circle, and would like to take this opportunity to reassure the Poloniex community that we remain committed to preserving the features and functionality that first drew interest to our platform. 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.

Circle will immediately begin working alongside the Poloniex team to address customer support and expand operations so that we can continue to scale effectively going forward. 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. User experience is paramount. If we aspire to build a token marketplace that will change the fundamentals of global value exchange, we cannot settle for anything less than excellence in our product.

Looking to the future, we are excited to work with Circle to localize our product in more geographies, to explore options for fiat connectivity across major world currencies, and to continue providing our users with access to innovative token projects that extend cryptocurrency protocols to new use cases. Participating in this evolving industry has been an incredible adventure that we've shared with our users, and times are only getting more exciting. Please take a look at this blog post from the Circle team for more thoughts on the acquisition and what lies ahead.

On Monday Circle will announce, as Fortune can confirm for the first time, that it has bought Poloniex, one of the world’s most active cryptocurrency exchanges. A person familiar with the terms of the deal who was not authorized to speak about it tells Fortune that the price tag comes in around $400 million.

The acquisition will instantly make Circle a rising threat to Coinbase, the biggest cryptocurrency exchange in the U.S., as well as Bittrex and Kraken, the runner-ups. Counting contributions from Poloniex, Circle’s revenues over the past three months, excluding February, exceeded $250 million, placing the company on an annual run rate greater than $1 billion. Not bad for a 5-year-old upstart.

With the expansion, Circle is laying the groundwork for a day when cryptocurrencies become pervasive, prices grow less volatile, and the utility of digital tokens goes undisputed. If most of the dozens of exchanges competing today are just places to buy and sell coins, Circle has loftier ambitions: It wants to eventually help consumers turn their trading profits into a Tesla, a mortgage, or a portfolio of blue chips. Circle has ample funds, mainstream investors, sophisticated tech, a new network of customers annexed from Poloniex—and, with some luck, a legitimate chance at building the bank of the next century around crypto-finance.