- Poloniex announces plans to partner with TRON Network
- News follows TRON founder admittance of being a major Poloniex Investor
- Poloniex spun out from Circle to go global
On 12 October 2019, Poloniex announced on twitter their new partnership plans with TRON Network. This news comes just a day after TRON founder CEO Justin Sun admitted that he was part of the investor team that acquired Poloniex from Circle Fintech Company.
The details of the goals of the partnership or the official announcement date are yet to be released. Justin sun spoke to Poloniex users on a Q&A live stream where he said big things are coming, with expectations of redesigned UI by the end of this fourth quarter of 2019.
Poloniex’s international Expansion Backed by Major Investors
Poloniex has been doing poorly lately with a steady downward curve, which the company intends to turn around by going global. A new development recently saw the exchange spin out form circle to become Polo Digital Assets Ltd international company.
Poloniex rep stated:
“We are excited to announce that we are spinning out from Circle into a new company Polo Digital Asset Ltd, with the backing of a major investment group. The spinout will free us to focus on the needs of global crypto traders with new features, assets, and services.”
Circle also stated that $100M would be invested in the international Expansion of Poloniex with additional employees, mostly drawn from its existing operations. Circle co-founders, Sean Neville and Jeremy Allaire, stated in their joint blog:
“It is bittersweet for Circle to see this incredible product and business spin out its own. We’ve made enormous progress with Poloniex, including massive infrastructure improvements aiding more fiat options with USDC integration, launching best in class native apps for traders, and building global operations capabilities that can deliver excellent service.”
Poloniex Plans To Continue Undertaking New Initiatives
Justin Sun said that the potential of Poloniex to grow is huge, and that necessitates the collaboration that brings more initiatives. In one of these initiatives, Poloniex will list TRON tokens as well as a USDT and TRX20 airdrop campaign for existing account holders on the exchange.
Poloniex was founded in 2014 and later acquired by Circle in 2018 and as an early generation exchange. As a matter of fact, you should know that Poloniex was at one time in charge of more than 50 percent of all exchange transactions.