There were rumors circling that Poloniex, a U.S. based cryptocurrency exchange, was to be bought by a cryptocurrency financial-services firm, Circle. These rumors have been confirmed and the deal looks to promise exciting prospects.
On Monday, Circle was excited to welcome Poloniex customers on board and stated their shared mission “to bolster the existing product and platform.” Poloniex is equally thrilled to work alongside Circle and will “…not settle for anything less than excellence”.
Circle, a five-year-old startup, initially proposed themselves as a Bitcoin company, aiming to make the purchase of Bitcoin an easy and swift process for the less tech-savvy. Since then Jeremy Allaire, the company’s CEO, shifted the focus from Bitcoin to a mobile payment service – a sort of digital wallet – with fiat currency as the focal point. The focus has shifted back, and Circle’s radius is set to cryptocurrency.
Funded by Goldman Sachs, one of the leading investment banks, Circle encompasses Circle Pay, a peer-to-peer service, and Circle Trade, which offers over-the-counter Bitcoin trading. With Poloniex, Circle envisions introducing a third element in the form of Circle Invest, which will make buying cryptocurrency as easy as downloading an app.
Poloniex has also been one of most popular cryptocurrency exchanges for years and with Circle, the two are looking to compete with other cryptocurrency exchanges, such as Coinbase, Bittrex, and Kraken, as well as to look to offer more innovation in cryptocurrency services.
Allaire, who has been praised for long-term strategic thinking, has hopes to craft a new financial operation and says that his vision for Circle is “to fuse the existing financial system with cryptocurrency as a hybrid, digital model”.
There are exciting rumors that the companies will also include Centre, which will allow users to connect operations between PayPal, Circle, Alipay, and other digitals wallets – and with the expansion, Circle (and hopefully we too) can look forward to a day when cryptocurrencies are a less unpredictable and more widespread method of transaction.
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