Circle acquired crypto exchange Poloniex

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In a statement, Poloniex said that its team would be supported by the resources of operational and customer support from Circle, so that they could continue to scale effectively going forward. They said that they looked forward to bringing Circle’s experience to increase the scalability and reliability of their platform and operations.

Rumors of the acquisition were on air for weeks before the announcement on Monday. On February 2, the report on the Modern Consensus said that Circle was deep in discussions to acquire Poloniex. Robert Hackett from Fortune reported today that, according to a source aware of the deal, Circle paid about $ 400 million to buy out Poloniex, which was launched in 2014.

Commenting on the deal, Circle said that it plans to build upon the work done previously by the Poloniex team, with the goal of pushing it past being an exchange for only crypto assets.

As founders Jeremy Allaire and Sean Neville wrote, they envisioned a reliable, multi-faceted distributed market, that tokens could be placed which represent all the values.

The exchange also noted that users' funds will remain safe and access to the account functions will be uninterrupted.