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Circle acquires bitcoin and alt exchange Poloniex

Major US altcoin and bitcoin exchange Poloniex has announced that as of today, February 26, Poloniex will be joining Circle to build upon its foundations in order to further scale its platform and accelerate the token ecosystem in the months and years ahead. US-based Circle is a digital payment company which uses open internet standards and protocols, including blockchain.

The Poloniex Team left the following message:

Since our humble beginnings in 2014, we at Poloniex have been strong believers in the power of cryptocurrencies to change the way that people store and exchange value around the world. With the support of an incredible community of dedicated users and early believers, we’ve grown faster and accomplished more than we ever thought possible.

In working closely with the Circle team to formalize our union, we have found a shared vision for a future in which decentralized cryptocurrency protocols create a far more open, inclusive, and evenly distributed global economy. Circle has been a leading liquidity provider to institutions and investors across a broad number of crypto assets since the early days of the industry. They have pioneered the creation of seamless consumer experiences around value exchange with Circle Pay and the forthcoming Circle Invest. With Circle’s depth of experience, we could not imagine a better strategic partner to help us scale Poloniex beyond this phase of initial growth.

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.

The Circle founders said:

“We’re thrilled to welcome the Poloniex team and customers. Created by a team of crypto visionaries, Poloniex has grown to become one of the world’s leading token marketplaces. Available in over a hundred countries worldwide, it is differentiated partly by the breadth of its offerings. It was one of the first exchanges in the world to offer meaningful liquidity in ethereum, it was the first exchange to reach $1 billion in daily volume, and it has continued to boost innovation by hosting a broad variety of carefully selected tokens. Customers have traded crypto assets equating to billions of dollars through the Poloniex platform.”

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