In a recent move Goldman Sachs backed payments firm Circle has obtained US crypto exchange Poloniex. The acquisition aims to extend the commitment of the firm to a vision for finance and cement its position as one of the leading companies in the blockchain industry.
In accordance with Reuters that the Boston based firm already works its app-based peer reviewed payment network utilizing blockchain.
Circle to Expand into a Crypto Future
At a company blog post now Circle founders Sean Neville and Jeremy Allaire said; “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,”
The Circle Trade desk manages more than $2 billion per month in cryptocurrency transactions with a minimum deal size of $250,000 according to Fortune. Their clients consist of investors that have seen huge gains in their resources, crypto mining operations, and crypto based business ventures, such as exchanges, hedge funds, and ICO jobs.
The business has a raft of products such as Circle Pay app which allows payments through text messages, along with a soon to be launched Circle Invest program easing crypto investments. Electronic wallets are also available with all the Centre Protocol so there is not any shortage of goods to consume with an established crypto exchange.
The Business blog post went on to say:
“We’ve been privileged to get to know and collaborate with the Poloniex founders and their teams over the past several months as we contemplated this union and completed extensive due diligence together, and we learned that we share a similar perspective on the future as well as the same sharp sense of urgency about immediate needs and challenges.”
Circle’s first mission is to address scale danger and client support, compliance, and operations to bolster stage and the product the site said. Secondly it’ll look towards;
According to Coinmarketcap, Poloniex is the biggest crypto market in the world using a daily trade volume of $142 million in the time of writing. The purchase will put Circle in direct contest with Coinbase that has essentially monopolized on crypto in the US over the past year.