Circle, the Rise of Poloniex, and One of the Biggest Acquisitions Ever in the World of Cryptocurrency
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The world seems to be at a weird crossroads. Everything seems to be globally-centered. Its possible to send an email across the world in a matter of seconds, but transferring money requires enough jumps through flaming hula hoops to scare away the most accomplished circus master.
It is confusing and odd and it stems from global economies keeping a tight lid on inter-government transactions and foreign exchanges. This is, until, cryptocurrency came along.
The initial appeal of cryptocurrency, in whatever form, is anonymity. The secret privatization of the cryptocurrency platform is what attracted many people to it in the first place. The source was founded on instant transactions and equality. No banks were needed. No exchange rate transfers and other frustrations of making a foreign exchange existed in cryptocurrency.
Admittedly, it attracted a lot of good with a lot of bad. But, this is the system at work. Circle wants to take the ethos and attractions of cryptocurrency to another level by adopting free and instant exchanges at a global level.
What is Circle?
Circle is a global finance and technology provider that is seeking to facilitate instant and free financial exchanges. The group has some top-tier investors behind it. Some of these leaders include Goldman Sachs, EverBright, and Accel Partners. The financial backers span the globe and have helped provide the company with $140 million in initial backing.
The company is utilizing Bitcoin currently to help funnel a massive system of instant transactions for big rewards. The team is able to do this through the blockchain, which hardly needs a thorough explanation for anyone familiar with the crypto world. The blockchain allocates safe and instant transactions. The team further apples their own AI risk engine to protect all finances.
The Purchase Proliferation of Poloniex Crypto-Exchange
The company has some substantial and impressive backing, and it is not slowing down anytime soon. The company just made a massive acquisition. According to reports, the group just snagged the Poloniex Crypto-Exchange. The acquisition cost about $400 million. It ranks as one of the highest single purchases in cryptocurrency.
The team will likely leverage this sale to continue their success. This includes nearly $2 billion in transactions every month, with about $60 million in profits received over a three month period.
The company is banking on two main aspects to provide an incredible financial future. The first is the slowing-down of Bitcoin, which has already come to fruition. The longevity of this slowdown and how far it will go into obscurity is not yet determined. But, the group is confident that there is room for another major player in the crypto-space.
Another element is the massive success of Poloniex. The group sees the coin as the future of the cryptocurrency world, and it is not hard to see why. The team has handled Bitcoin from the ground up, initially beginning as an exchange service or a proclaimed Paypal of Bitcoin. The group eventually dipped into social engagement, eventually returning back to the roots of cryptocurrency. It is a natural path and one that follows on the ways in which the Internet works.
Co-founder and CEO Jeremy Allaire has supported this seeming back-and-forth as simply following and then turning to leading the industry. He seems humbled by the success and is willing to make adjustments accordingly to accommodate larger tech industry trends.
Centre and Transaction Ease
The acquisition of Poloniex is certainly a step to new heights. Circle expects to expand into these new areas. One of their big accomplishments or goals is the combination of multiple e-wallet services under a single umbrella. The combination will take the form of a protocol that eases cross-wallet transactions. It is called Centre, and it will make cross-platform exchanges from Circle, Paypal, and more a whole lot easier.
Poloniex users should have no problem ingratiating the coin into their profile and utilizing it on a level playing field with other currency exchanges.
Fortunately, Circle seems to have developed a pretty incredible trajectory in the past three years. The support from major players tells a big part of the story. In the right hands and with the right series of decisions for Poloniex, the team could dominate the space in no time.