After initially denying the rumors, TRON’s hypeman and head honcho, Justin Sun, has finally admitted to being involved in the acquisition of crypto exchange Poloniex.
— Poloniex Exchange (@Poloniex) November 12, 2019
Sun disclosed all within a joint live stream between TRON and Poloniex on Tuesday:
Poloniex right now is running independently by the Poloniex team with investment from several investors. I was one of the investors.
It seems Sun is using his newfound stake in Poloniex to provide greater liquidity for his multiple projects. TRX will be among the first projects to be listed, with other TRC10 and TRC20 standard tokens being assigned a slot on the exchange in the future.
Expansion appears to be the real name of the game with Sun remarking that China will be the first port of call. The exchange has already obtained “pwang.com” as a domain name for the spin-off.
Poloniex is one of the biggest exchanges in our industry, I think the exchange is going to grow, and that’s why we collaborate with it to have more initiatives.
One of the first initiatives on the books will be an airdrop to exchange users, which will contain USDT and TRX20.
This isn’t the first time Polinex has swapped hands. Back in February 2018, the exchange was acquired by payment company, Circle, for a cool $400 million. However, while buyer interest has seemingly never ceased, the market share for Poloinex has been on the decline. The firm that once boasted 50% of exchange transactions now cites a lowly 1%. Who knows, maybe Sun will turn things around?
Featured image via Pixabay.