The that digital payments company Circle has bought one of the world’s most popular Cryptocurrency exchange known by the name of Poloniex, an acquisition that is just the beginning of likely consolidation for Blockchain Technology
An announcement on Monday 26 Feb 2018 by ‘Circle’, formerly pitched as a Bitcoin Payment Solution back in 2013, is now a #Cryptocurrency focused financial-services firm.
They run a P2P payment service now called Circle Pay and Circle Trade, an OTC trading desk for large Crypto investors and Exchanges. They deal with a lot of liquidity from Crypto to Fiat and according to Fortune, the Circle Trade platform itself manages $2 Billion a month in transactions.
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Now they are seen to have made an agreement to acquire Poloniex, a top Exchange for a whopping $400 Million. With intentions to expand their products, CirclePay and CircleTrade, this acquisition will spur a new product.
This is an investment app for people to purchase Cryptocurrencies with Poloniex as a full-fledged exchange to their use.
This is a major move done by Goldman Sachs and one can ponder on whether the implications on the markets with institutions buying up exchanges, and the competition amongst exchanges such as Coinbase, Bittrex, and Kraken.
Since there will be major overhauls and additions such as a protocol called Centre, to make digital wallets like Alipay, Paypal, Circle, and other digital wallets interoperable.