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Richard Adrian
Oct 19, 2019
by Richard Adrian

Poloniex Spins out of Circle, Forms Non USA Exchange Platform

Poloniex
Poloniex Exchange has spinned out of peer to peer payment platform with a $100 Million grand backing from Asian Investment Group. The new partnership will create a new non USA exchange for customers outside the US. 

In fact, the exchange is going to form a new company called Polo Digital assets. Meanwhile, the new company will shut down all the services that were initially offered to United States Citizens. 

Poloniex announced its decision to leave the US market as a move to boost its competitiveness globally. Additionally, it would allow the company to give more attention to futures, assets and increase its services. 

A Circle blog post outlined that Poloniex received backing from an Asian Investment group; but did not specify the name of the group. The  new exchange plans to spend at least $100 million on the business;  in the course of the next few years. Starting from October 21, Polo will decrease its spot trading fees to 0% till the end of the year. 

As from 1st November 2019, Clients in the United States will no longer have access to the platform. Once the platform terminates ability of US clients to execute trades, users will be able to withdraw their assets via Circle until around 15 December.

In a previous report, Circle acquired Poloniex for $400 million in February 2018. In the course of September, Circle announced that it would take a break from it weekly crypto market research product, ‘Circle Research.’This followed suit the termination of Circle Pay on September 30, its payment application. The payment firm noted that it wanted to focus on the development of new financial products, a new wallet service as well as facilitate adoption of digital currency through poloniex.

 

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Poloniex Spins out of Circle, Forms Non USA Exchange Platform
Richard Adrian
Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

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