Poloniex, a prominent cryptocurrency exchange, is set to separate from its parent company Circle, according to an official announcement released last Friday by both companies.
Key Changes Post-Spin-Off
- Poloniex will now operate under Polo Digital Assets, Ltd., an "independent international company" backed by Asian investors.
The exchange will discontinue services for US customers by November 1, 2019.
- US residents must withdraw assets by December 15, 2019.
Poloniex’s Future Plans
- $100M+ Investment: The company aims to expand its platform infrastructure and features.
- Zero Trading Fees: From October 21 to December 31, 2019, Poloniex will reduce fees to 0% as part of a promotional campaign.
Circle’s Strategic Shift
Circle’s co-founders, Jeremy Allaire and Sean Neville, emphasized a renewed focus on:
- Stablecoin Development (e.g., USDC).
- SeedInvest, their equity crowdfunding platform.
Historical Context
- Circle acquired Poloniex in February 2018 for $400M, envisioning it as a marketplace for "tokenized value" (e.g., real estate, creative assets).
- Allaire and Neville expressed mixed emotions about the spin-off, noting Poloniex’s infrastructure upgrades and USDC integration as key achievements.
FAQs
Why is Poloniex leaving Circle?
The spin-off aligns with Circle’s strategy to concentrate on stablecoins and SeedInvest, while Poloniex pursues independent growth under new investors.
What should US users do?
Withdraw funds by December 15, 2019; trading halts on November 1, 2019.
Will Poloniex’s zero-fee promo benefit traders?
Yes, the 0% fee period (October 21–December 31, 2019) offers cost savings for active traders.
👉 Explore crypto trading strategies
Industry Implications
The move reflects broader trends in crypto exchanges diversifying services or pivoting to niche markets. Analysts speculate whether Poloniex’s Asia-backed relaunch will mirror competitors like OKX or Binance.
👉 Learn about global exchange regulations
Disclaimer: This content is for informational purposes only and does not constitute financial advice.
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