TRON fame Justin Sun buys Poloniex crypto exchange

TRON fame Justin Sun buys Poloniex crypto exchange

Justin Sun buys Poloniex share to expand TRON’s operational capabilities is, perhaps, one news that came as a surprise. Justin Sun, the founder of TRON, has purchased a share in Poloniex. The crypto exchange, Poloniex, is expanding its global operations, and entry of Justin Sun will only add more brand value to the already popular platform.

Sun aims to further expand the TRON ecosystem by leveraging on the exchange’s abilities. In the last few months, Poloneix has been struggling to increase operations, and Sun wants to help stabilize the platform and then expand his vision. The development was confirmed on the joint Livestream from the TRON and Poloniex.

Justin Sun buys Poloniex stock to expand TRON operations

Justin Sun admitted that Poloneix is currently being operated independently by its core team with help from strategic investors, including him. The platform is being used by TRON to improve the reach of its products, including BitTorrent and TRON. TRX has recently listed on Poloniex, and Sun soon plans to list more TRC20 and related tokens on the platform.

To increase the exchange’s user base, several promotions and offers are currently underway. A high-yield deposit campaign is there to attract investors. Also, trading fees have reduced to zero percent. Industry experts know when Justin Sun buys Poloniex, it is highly likely to become a success story.

China’s expansion is another primary target for the exchange. It has bought ‘pwang.com’ domain, which represents how ‘Poloneix’ is written in Mandarin. It will help the exchange undertake local marketing, comply with ‘Know Your Customer,’ and also achieve Chinese regulations.

Poloniex’s Tumultuous Journey

Poloniex has had its share of ups and downs recently. It started operations in 2014 and soon catapulted itself to the top exchange spot. Over the years, it lost market share due to stagnant market policies and decreasing user base. In February 2018, it was bought by Circle for four hundred million dollars ($400M).

Later, the exchange moved away from Circle and came under the aegis of an Asian investment group backed by Justin Sun. Now, Poloniex has an expansion budget of one hundred million dollars ($100M) that will focus on increasing the operations base and build new infrastructure.

Image Source: Flickr

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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