Circle Spreading like Wildfire After Poloniex Acquisition ⋆ ZyCryptoMarch 17, 2018
Startup Circle a Dublin-based firm recently acquired Poloniex cryptocurrency exchange
The company plans to hire 100 new staff to help with its expansion into Asia as well as to promote better customer service and operations. Circle has also recently received $400 million which is considered to be one of the largest profits ever made in the industry.
According to a survey on daily trading volume of crypto-exchange in the US, Poloniex is ranked 14th position as the largest Cryptocurrency exchange. Poloniex is believed to have processed nearly $180, million worth of trades within 24hrs.
Poloniex seems to have a bright future as Circle has a huge plan to turn the exchange into “an open global token marketplace” that can “host tokens which represents everything of value”, which will range from literature, works of art and equity.
“The long-term view is that every form of value on the planet will become a crypto token, we want to offer more markets, more assets, we want to localize it , and launch in it more international markets and critically, we need to work with the most important regulators”, said Jeremy Allaire Circle co-founder.
Circle invest, a Cryptocurrency investing app recently launched by Circle; is aimed to provide retail investors with commission-free trading for five cryptocurrencies and has a similar price to the firm’s institutional desk.
Also, part of the people employed will be plunged into promoting ‘Circle Trade’ which is the company’s institutional trading desk. Circle Trade is responsible for managing about $4 billion in volume per month processes trades in Asian fiat currencies.
Furthermore, few of the new employees will be posted to offices spread throughout mainland China, Hong Kong, South Korea and Japan.
It would interest you to know that Coinbase, the Crypto-exchange king that Circle is looking forward to overtaking announced this Wednesday that the e-money license in the UK has been granted to them.
This makes Coinbase the first Cryptocurrency exchange to own a UK bank account.
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