Poloniex, the cryptocurrency exchange, has been bought by Circle, the highly regarded payments and crypto trading company, in a deal rumored to be $400m, according to a tweet by Fortune’s Robert Hackett.
It’s interesting for several reasons:
1. It could be the start of a trend towards large acquisitions in the space – both crypto and blockchain
2. There are specific synergies between these two companies
3. It highlights Circle’s ambition – the Goldman Sachs backed company perhaps plans to be the Goldman Sachs of the crypto sector
Circle
Circle has two main products. Circle Pay is a consumer-targeted app for transferring money, similar to Paypal’s Venmo. It originally included Bitcoin but dropped that in 2016. So instead cryptocurrency is used behind the scenes.
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