Does Justin Sun Have A Hand In The Poloniex Divorce???
In February of 2018 Circle announced it was acquiring the U.S.-based cryptocurrency exchange Poloniex. Poloniex said the marriage with Circle would increase their operational and customer support resources in order to continue to scale up. Circle said their plans for Poloniex was to push the exchange past being “an exchange for only crypto assets” and to be a marketplace for tokens of real estate, art, music, service leases and time-based rentals, credit, etc.
Well that marriage didn’t last long. On Friday both companies announced that Poloniex was spinning out from its parent firm Circle. Poloniex will now become Polo Digital Assets, Ltd., an “independent international company” backed by an unnamed Asian investment firm.
At the center of this major transaction is Tron Founder, Justin Sun. Anonymous sources from Circle confirmed to The Block that Justin is a major stakeholder in the ‘Asian Investment Group’. The firm is believed to be a major supporter of Poloniex in the exit process. The strategic exit comes less than two years since Circle acquired Poloniex.
Sources further revealed that Justin Sun had been to Circle’s HQ in Boston a few times. The Asian Investment Consortium under Justin is expected to play a major role in transitioning to Polo Digital Assets. As it stands, Poloniex internal employees have been offered the option to join the Crypto exchange as opposed to staying under Circle.
However, Justin recently tweeted that he is not buying anything, rather investing and to help his friends.
Justin Sun, is a tech entrepreneur, the founder of the cryptocurrency platform TRON and current CEO of BitTorrent. Justin is former chief representative of the Greater China area of Ripple and Jack Ma (founder of Alibaba) protégé.
Justin has the brand name like Charlie Lee of Litecoin and the vision and the mouth of Elon Musk, meaning you have to take the good with the bad. Jusin likes attention and likes to be in the middle of it as well. For example, last month Justin paid $4.6 million to have lunch with Warren Buffett, only to postpone at the last minute…who does that.
Nevertheless, good and/or bad news works in Justin’s favor as it becomes another opportunity for people to search the keyword “Tron” on the internet. Whether or not Justin has a hand in the Poloneix and Circle separation, the news/rumor was good enough to increase Tron’s price 5% on Saturday.
So where is Tron heading next, lets go to the charts to find out? Right now price is sitting in weekly demand an appears to want to turn higher.
The chart suggests to not go long, until price is able to take out the two daily supplies above price.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
