Official news came out today after a month of rumors about mergers and acquisitions in the cryptospace. Circle, a Goldman Sachs backed payment startup, has purchased Poloniex exchange for around $400million. Poloniex hit a peak over the alt season last May and saw an unmanageable influx of volume as well as support tickets. Poloniex use to have a large market share of the volume but their inability to scale caused them to give in to bigger and up n' coming exchanges like Binance. Very interesting to see how the m&a works out. Will Circle help their scaling issue? Will it create a custodian service for big investors and bankers to get their feet wet in the game? Nobody knows but I believe it is a bullish sign when a Goldman Sachs backed company purchases a huge crypto asset exchange like poloniex.
#bitcoin #poloniex #circle #exchange #cryptocurrency
