Famous altcoin exchange Poloniex, which was acquired by Circle approximately 18 months ago, announced today in an effort to create a competitive internationally-focused cryptocurrency exchange, the Poloniex team and leadership are spinning out from Circle into a new independent international company, Polo Digital Assets, Ltd.
The new Poloniex company is backed by an Asian investment group and plans to deliver more product freedom and new features needed to be competitive.
For Circle, the team says “We will double down on our efforts to build a more open, global and accessible financial system. This includes significantly expanding the services we offer that are built around USDC, the market’s fastest-growing fiat stablecoin, and expanding and growing SeedInvest, the largest equity crowdfunding platform in the United States.”
Plans
The new Poloniex international operation plans to invest more than $100 million into the development and expansion of the Poloniex exchange, and plans to employ more than 100 full-time employees with the majority coming from the existing Poloniex operations.
This transition will also mean significant changes for existing US customers of Poloniex. US customers will no longer be able to trade on the exchange starting on November 1, 2019. US customers will continue to be able to access and use their wallets and withdraw funds through wallet and custody services operated by Circle until at least December 15, 2019.
“The spinout will free us to focus on the needs of global crypto traders with new features, assets, and services. Our first new offer to Poloniex traders is that effective October 21, 2019, all spot trading fees will be reduced to 0% until the end of the year. Poloniex intends to continue beyond that with highly competitive and creative pricing models for traders.”
– The Poloniex Team