Will Justin Sun’s New Acquisition Prove To Be Massive For Crypto?

After recently boosting Tron stablecoin reserves massively, founder Justin Sun came up with yet another major investment in crypto. Recently, Tron’s USDD stood out to become the first over-collateralized decentralized stablecoin with a collateral ratio of 130%.

Justin Sun Crypto Exchange Venture

On Thursday, Sun announced he along with other investors acquired crypto exchange Poloniex. He said a perfect blockchain ecosystem should be driven by public chain and exchange. It is now time to introduce our own exchange Poloniex to the world, he added.

The exchange had been operating since eight years in the crypto space. According to CoinGecko, the crypto exchange ranks at 52 with 364 coins listed and trading in 522 pairs. Interestingly, the USDD-USDC pairing is the most active one on the exchange.

Sun made the announcement,

“Tron’s exchange is finally here! Jointly with Tron DAO Reserve and several well-known investment institutions, I acquired Poloniex. Now I would like to present you with the brand new Poloniex!”

Trending Stories

Tron’s China Face

With an objective to better serve South Asia customers, Poloniex will also serve as Tron’s Chinese-speaking community brand. “The brand new Poloniex will contribute to providing an excellent user experience and building healthier and more free trading environment.”

Back in October 2019, Poloniex announced it was spinning out from Circle into a new company. This came in the backdrop of Circle’s acquisition of Poloniex only in February 2018.

The exchange was also in the news last year after it faced an SEC clampdown. The crypto exchange breached investor protection laws by not registering itself as a ‘securities broker’ with the regulator. Poloniex is said to have resolved the case by paying over $10 million as settlement charges to the regulator.

Poloniex made the announcement on partnership with Tron saying there will be more surprises in the future. “We are extremely proud to reach a strategic partnership with TRON. Poloniex will work closely with Tron DAO Reserve to make the whole ecosystem more complete and perfect. There will be more surprises in the future.”

Anvesh reports major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach out at anvesh (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.