During a joint Tron-Poloniex live streaming on Twitter, Justin Sun revealed that Tron was among several investors in the Poloniex exchange. He mentioned that exchange is operated independently form his company. Poloniex was founded in 2014 and was later acquired by Circle in 2018 for $400 million. In October, just after two years after the Circle acquired the crypto exchange, it sold it to an independent international company.
Tron will collaborate with Poloniex on trading.
During the live stream, Justin Sun said that Tron would also collaborate with Poloniex on trading, but he did not reveal any further information. According to the CEO, Poloniex is one of the biggest exchanges in the industry. He further added that the exchange is going to grow, and that’s why they collaborated with it to have more initiatives.
Poloniex once dominated more than 50% of exchange transactions, has failed to keep those numbers up in recent times. But Justin Sun plans to change that around.
Poloniex will now become Polo Digital Assets, Ltd.
Poloniex exchange will not serve US citizens after the end of this year. US customers have until 15th December 2019, to withdraw their assets. Poloniex will now become Polo Digital Assets, and the company said that it has a multiyear plan to spend more than $100 million to develop and expand its platform.