There has been a major development in the Cryptocurrency world today as Circle Internet Financial Ltd – a mobile-payments firm backed by Goldman Sachs Group – has brought the popular crypto exchange Poloniex.
The USA based Poloniex is currently the fifteenth largest exchange dealing in cryptocurrencies.
According to Fortune’s Robert Hackett, the takeover means Poloniex is now under direct ownership of a Goldman Sachs funded company.
Rumors have swirled in recent weeks that Circle has been in talks to buy the cryptocurrency exchange @Poloniex. I can confirm here for the first time that, yes, Circle has completed the acquisition. (A source familiar with the terms told me the price tag came to roughly $400 M.)
— Robert Hackett (@rhhackett) February 26, 2018
The move signals a change in the Crypto world which could lead to corporate money flooding into the market.
Poloniex is currently available in more than 100 countries, and Circle plans to scale it further.
“We expect to grow the Poloniex platform beyond its current incarnation as an exchange for only crypto assets,” Circle co-founders Sean Neville and Jeremy Allaire said in a blog.
“We envision a robust multi-sided distributed marketplace that can host tokens which represent everything of value: physical goods, fundraising and equity, real estate, creative productions such as works of art, music and literature, service leases and time-based rentals, credit, futures, and more.”