Justin Sun confirms purchase of a stake in Poloniex exchange

by in Cryptocurrency News

Poloniex Justin Sun

Justin Sun, founder of the TRON blockchain platform, confirmed that he is part of an investor group that recently acquired Poloniex from Circle Bitcoin startup. He also spoke about plans for cooperation with the exchange.

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Circle acquired Poloniex in February 2018, allegedly for 400 million, planning to grow the business. However, the market share of the exchange fell from a peak of 60% in 2017 to 1%.

In October, it became known that Poloniex is being separated from the startup, and the new operator will be Polo Digital Assets, which will be supported by a "large investment group." The media reported that Justin Sun is involved in this group or even leads it. The founder of TRON denied the information, saying that he "does not buy anything."

Now Sun has confirmed investment in Poloniex and has announced a number of initiatives in partnership with the exchange. Among them: listing TRON (TRX) on the platform and conducting airdrops for users in the next few weeks. TRON will also cooperate with Poloniex in the field of trading, but Sun did not disclose details.

The exchange has already announced the listing of TRX, the coin is being traded in pairs with bitcoin and stablecoins USDT and USDC.