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Writer's pictureFahad H

Despite Denials, Tron Founder Confirms Investment in Poloniex Crypto Exchange


Justin Sun, founding father of crypto platform Tron, stated he’s a part of the investor group that just lately acquired Poloniex from fintech agency Circle, after denying his involvement initially.

Speaking at a joint Tron-Poloniex occasion live-streamed over Twitter on Tuesday, Sun stated Tron was amongst a number of buyers within the trade, however the trade is operated independently from his firm.

Founded in 2014, Poloniex was acquired by Circle in early 2019 for $400 million. The trade, which as soon as commanded greater than 50 p.c of trade transactions, has seen steadily dwindling quantity in latest occasions. Before its latest dispersal, Poloniex had little greater than 1 p.c of the trade market.

“Poloniex is one of the biggest exchanges in our industry,” Sun stated. “I think the exchange is going to grow and that’s why we collaborate with it to have more initiatives.”

Those initiatives embrace itemizing Tron’s tokens on Poloniex and an airdrop marketing campaign of USDT and TRX20 for customers on the platform within the subsequent few weeks, Sun stated.

While Sun stated Tron will even collaborate with Poloniex on buying and selling, he declined to disclose additional particulars in regards to the initiative or different areas of cooperation.

Sun additionally described Poloniex’s technique to woo Chinese crypto buyers. Chinese customers will be capable to log in by a brand new area pwang.com – which nonetheless directs to Poloniex – and the trade additionally accepts Chinese authorities IDs for Know-Your-Customer regulatory functions, he stated.

Last month, Poloniex introduced plans to spin out from Circle into a brand new firm known as Polo Digital Assets. The new house owners deliberate to spend greater than $100 million and shift away from the U.S. to the worldwide market, the corporate stated.

Denying that he had invested in Poloniex, Sun tweeted on the identical day: “I’m not buying anything.”


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