Breaking: Poloniex Bought By Circle
It has been rumored for a while, but now it's official: Circle bought the Poloniex exchange. News emerged in Circle's official blog a few hours ago:
We’re proud to announce that Circle has extended its commitment to a new vision for global finance by acquiring Poloniex, a leading token exchange platform.
The next step, apparently, will be in the customer service are (a very welcome step, if you ask me):
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. Poloniex achieved momentum and success with rocket ship velocity — a magnificent accomplishment, but one that also comes with whiplash. Circle is a global company with the skill and experience to help in these areas as an immediate priority.
This move adds to Circle a very interesting module: a marketplace. And that will give them a relevant advantage to other competitors, like Revolut, for instance. It's worth noting, in this context, that Bankera, the iteration on top of Spectrocoin, saw this coming (somehow) and they announced their own exchange at the beginning of their ICO, a couple of months ago.
Seems that companies focusing on moving money in a decentralized way, from newcomers like Bitwala and Bankera, up to veterans like Revolut, and now with players like Circle, are consolidating big time.
Personally, I stopped using Poloniex a few months ago, after they froze their STEEM wallet for weeks without notice. This might mean I could give them a second chance.
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Smart move on their part. If you can't beat them, buy them! Here come the big banksters to the crypto party!
Circle is a Goldman-backed venture, which is concerning to say the least. The bankers may not be able to control the cryptos themselves, but they can take over the existing infrastructure, which is a just as bad!
It will certainly be interesting to see if they can lift their game.
In terms of actually doing the exchange, they have been mostly ok for me. Sometimes a bit slow for the exchange to go through, but I haven't lost anything.
Now that I have a bunch of other avenues to trade SBD and STEEM it's not quite so important to me now.
There were so many issues with poloniex that it will take a lot of work to get their reputation back up. It can be very hard to win back customers and almost every user that i have heard from had a negative experience with poloniex.
They were the first exchange that i worked on but have not been back there since due to multiple issues and still have no intention of going back. The only thing that could convince me would be a debit card tied into some of your wallets or the currencies.
Poloniex is the crypto exchange I hate the most for the experiences I have had there. Whether it's true or not, it's same for me. So, this makes sense:
Hehehe same here. I think we are thinking in the same direction. I might as well give them a second chance. Hope they don't mess things up this time though .
What I Know Circle is held by Goldman Sachs.
Banks enter the crypto market.
This is a good one e for Circle, expanding its reach and getting more market.
I really have a bad experience with Poloniex. First I have difficulty in verifying my account. I don't know if anyone experience this but every time I verify my account, their website froze and you'll gonna wait for 24hrs to validate it again. Until now.
So maybe I'll have to try this again since it is bought by Circle.
Poloniex once froze like a thousand Steem from me for 3 months. It doesn't matter what happens with them I'm never going to use them again.