Established in 2014, Polonyex, the largest US crypto money market, was bought by Circle on Monday. Circle, a mobile financial payment system backed by Goldman Sachs, pays $ 400 million to buy Poloniex, the largest of the crypto money exchanges. This merger will bring Poloniex to a level where it can compete with CoinBase and Kraken, the largest US crypto money exchanges.
Actually, it's hard to follow how the Circle venture fully identifies itself. Circle, who wanted to be a PayPal for BitCoin when he first started, defined himself as "Bitcoin Company" at that time. You could buy and sell without having any knowledge of the bitcoine through Circle. But those days remained in 2013 when the first bitcoin fury was alive. Later, the company started to define itself as a "Social Payment Company". Bitcoin and block chain definitions were completely deleted from the company's website.
Founding partners and CEO Jeremy Allaire gave an interview to TechCruch in 2016; it seemed as if we were not looking at ourselves as a bitcoin initiative, because we had a relationship with technology and that the media had positioned us like that, trying to move away from the bitcoin name at that time.
And now back to the crypto money ecosystem. Now the personal payment system Circle, CirclePay name is served with. There is also a crypto money exchange service called CircleTrade.
According to Fortune magazine, CircleTrade managed to reach a transaction volume of $ 2 billion per month in the first three months and to make a profit of $ 60 million per month.
The company is now planning to add a third service to these two services, CircleInvest, a fast crypto money buying sales application through Poloniex. Fortune magazine also reported that Circle is working on a protocol called Center, which will link AliPay, PayPal and other digital wallets. @liotap