The rumor mills are in full operation as news circulating that Tron founder and CEO Justin Sun is seeking other blockchain investors to join him in acquiring United States based crytpocurrency exchange Poloniex.
While cryptocurrency exchanges like Coinbase and Binance are reporting record numbers in trading profits, Poloniex is going left. The exchange is so unprofitable that a number of major crypto firms who backed it early on are running for the hills.
Poloniex’s troubles magnified when
Circle, the peer-to-peer payment processing company who partnered with Poloniex early on discontinued the partnership a week ago. Circle was a very important partner. The shattering of the collaboration forced Poloniex to form a separate company named Polo Digital Assets, Ltd to operate under. Goldman Sachs was the next firm to announce their departure.
Poloniex found itself in a very uncomfortable position as a result. The cash flow dried up to quick, they had to let go 30 employees. As reported on Oct. 23, the crypto exchange announced they’re shutting down tradings in 31 international markets.
Is Justin Sun buying crypto exchange Poloniex for real?
Rumors are that Sun is actively looking for a few partners to join him into acquiring the failing exchange. Some Circle insiders reported a number of personal appearance by Sun to Circle’s headquarters in Boston, Massachusetts.
What will become of Poloniex if Justin Sun acquires it?
No on knows exactly, but knowing how money hungry Sun is he will look to tokenize the exchange; immediately. Dovey Wan; cryptocurrency reporter and founding partner of Primitive Ventures tweeted that we can certainly expect a Poloniex token should Sun gets his wish and acquire the exchange. It did just that with BitTorrent, creating BitTorrent Token (BTT) weeks after acquiring it.
— Dovey Wan 🗝 🦖 (@DoveyWan) October 24, 2019
Are you approve of Justin Sun buying crypto exchange Poloniex? Share your thoughts on the comment section below.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.