Bitcoin price in USD rammed upward this morning as news broke of Circle acquiring cryptocoin market Poloniex. The two companies had worked together in a non-official sense in the past, and this acquisition makes their two companies one. Circle Trade is “one of the largest liquidity providers of digital assets and cryptocurrency in the world,” while Poloniex is one of the world’s most popular cryptocurrency exchanges. The Circle app allows users to essentially send money by text.
Likely good news to those that’ve been trading on Poloniex for the past year is the first message from Circle. That is, “Firstly and immediately, you can expect Circle to address customer support and scale risk, compliance, and technical operations to bolster the existing product and platform.” In other words – all those support tickets might well actually be answered! Imagine that.
“We envision a robust multi-sided distributed marketplace that can host tokens which represent everything of value: physical goods, fundraising and equity, real estate, creative productions such as works of art, music and literature, service leases and time-based rentals, credit, futures, and more,” said Circle Co-founders Sean & Jeremy in a blog entry on Circle this morning. In ten years you might be saying “if you asked me 10 years ago whether Poloniex would replace eBay, I’d have called you crazy.”
In addition, Poloniex will likely have more coins in the near future as well as access to fiat currencies like USD, EUR, and GBP. The Circle team made their way with several different angles on money movement and investment – they’re both a traditional and next-generation sort of company. With that comes the possibility of more official dealings – think tax numbers in the distant future.
So far they’ve not said anything about registering everyone on Poloniex with social security numbers or anything like that, but Circle isn’t the sort of company to put absolute and utterly complete privacy ahead of all else. If Poloniex is audited, the US Government will likely have your dealings on file.
With that, I should mention that, as always, no article or text on SlashGear should be considered investment or financial advice. SlashGear is not responsible for any actions taken by the reader before, during, or after the reading of this article. If you’ve got a ton of cash and don’t know where to jam it, find an investment professional or forever take your fate into your own hands.