Will TRON founder Justin Sun buy Poloniex?

  • The founder of TRON, Justin Sun, is involved in investment talks all around the cryptocurrency exchange Poloniex according to an article by TheDailyBlock.
  • However, Sun announced via Twitter that he has investment capital but will not buy Poloniex.

The Poloniex cryptocurrency exchange was bought by Circle at the beginning of last year for around USD 400 million. Poloniex was once one of the largest exchanges in the USA. However, according to a new press release, the exchange will split from Circle and be acquired by the new company Polo Digital Assets. The exchange will receive more than USD 100 million in financial support from Asian investors.

According to Krypton news portal TheBlock, anonymous Circle sources have indicated that Justin Sun, CEO of TRON, is among the investors. According to the anonymous sources, Sun was spotted at Circle headquarters. The Poloniex employees were allegedly asked whether they would like to move to Circle or join the new Polo Digital Assets company.

Does Justin Sun really buy Poloniex?

The rumor was spreading until Justin Sun made it clear on Twitter that he was not making any new investments. Although he has saved up available capital, he will not put it into Poloniex.

Last year Sun bought the BitTorrent file-sharing network for the equivalent of more than USD 140 million. This acquisition is part of his vision to achieve a decentralized Internet step by step. The BitTorrent token (BTT) acts as an incentive on the platform for users to provide free capacity on their computer for the network.

For example, additional upload capacity will be rewarded and users will therefore get BTT. The BitTorrent protocol used to handle more than 40% of the world’s data traffic, but this situation has changed since then. According to the official platform, BitTorrent is the largest distributed P2P network in the world, controlling 22% of upstream traffic and 3% of downstream traffic worldwide.

Today, the platform has more than 100 million active users who continue to use BitTorrent on a regular basis. Since its acquisition by TRON, BitTorrent has received many updates and enhancements.

What’s next for users of the Poloniex platform?

From 01.11.2019, users from the United States will no longer be able to trade. It will also no longer be possible to register new accounts. It will still be possible to withdraw cryptocurrencies on the exchange until 15.12.2019. After this deadline all functions for users residing in the USA will be discontinued.

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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