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Blockchain payments startup Circle acquires Poloniex

Blockchain payments startup Circle has acquired leading cryptocurrency exchange Poloniex. The terms of the acquisition have not been disclosed.

In an official announcement, Poloniex said:

“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.”

In its blog post, Circle said that it will immediately start addressing customer support and scale risk, compliance, and technical operations to bolster Poloniex’s existing product and platform. In addition, it plans to scale Poloniex up and out through market expansion and localization, increase token listings where possible and appropriate, and explore the fiat USD, EUR, and GBP connectivity that it already brings to its compliant Pay, Trade, and Invest products.

Both Circle and Poloniex assured customers of their commitment to preserve the features and services that have made Poloniex one of the leading exchanges of the world.

“Many of the near-term changes you will experience will be behind the scenes, improving rather than dramatically or rashly altering what already works so well,” Circle said.

Further commenting on its future plans with Poloniex, Circle said:

“In the coming years, we expect to grow the Poloniex platform beyond its current incarnation as 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.”

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