Crypto Exchange Poloniex Acquired by Circle
Circle, the popular peer-to-peer payment platform, announced today that they have acquired Poloniex, a leading U.S. cryptocurrency exchange. The Boston-based Poloniex is currently the 14th most popular exchange by volume.
Here’s a portion of Circle’s blog post announcing the acquisition,
We’re thrilled to welcome the Poloniex team and customers. Created by a team of crypto visionaries, Poloniex has grown to become one of the world’s leading token marketplaces. Available in over a hundred countries worldwide, it is differentiated partly by the breadth of its offerings. It was one of the first exchanges in the world to offer meaningful liquidity in ethereum, it was the first exchange to reach $1 billion in daily volume, and it has continued to boost innovation by hosting a broad variety of carefully selected tokens. Customers have traded crypto assets equating to billions of dollars through the Poloniex platform.
We’ve been privileged to get to know and collaborate with the Poloniex founders and their teams over the past several months as we contemplated this union and completed extensive due diligence together, and we learned that we share a similar perspective on the future as well as the same sharp sense of urgency about immediate needs and challenges.
Their brilliance is matched only by their deep passion for this new crypto-based ecosystem we are all building together. Similarly, the customers of Poloniex include millions of individuals who are passionate and involved in building the global crypto economy.
Welcome to Circle.
According to the press release, the Poloniex team will be joining Circle to further scale their platform, expand globally and “accelerate the token ecosystem.” Specifically, Circle’s expertise should immediately improve Poloniex’s customer support, compliance and technical operations. The merger will likely lead to additional token listings and fiat currency connectivity for Poloniex, based on Circle’s announcement.
Fortune’s Robert Hackett claims the deal is worth an estimated $400 million — an impressive price tag for a company founded in 2014.
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