Poloniex Acquired For Reported $400 Million By Circle Platform

The move puts privately held Circle in position to rival Coinbase’s GDAX, currently the largest exchange for big investors. Circle has financial backing from Goldman Sachs, which has long been rumored to be starting a cryptocurrency trading desk. This acquisition will add fuel to that possibility.

Poloniex is the 18th largest cryptocurrency exchange by trade volume, according to Coin Market Cap. Fortune magazine reported that Circle Trade, which facilitates trading between fiat and cryptocurrency, does $2 billion a month in transactions and generated $60 million in revenue in three months.

The company also runs Circle Pay, a peer-to-peer trading system for cryptocurrency. It is also planning Circle Invest, an app that will simplify buying cryptocurrencies. The company, according to Fortune, is working on a protocol that would integrate PayPal, Alipay, and other digital wallets, making them interoperable.

 

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