Why Bitcoin Is Soaring: Goldman-Backed Circle Buys Crypto Exchange Poloniex

Monday, February 26, 2018
By Paul Martin

by Tyler Durden
Mon, 02/26/2018

Fortune report that Circle Internet Financial, a cryptocurrency-focused financial-services firm backed by Goldman Sachs, would announce today that it is buying crypto exchange Poloniex, “a move that immediately makes Circle one of the largest and most influential companies in the industry” and also give the crypto space a much needed seal of approval – and validation – from none other than Goldman Sachs, one of the first firms to adopt cryptocurrencies on the institutional side.

While terms of Circle’s acquisition of US-based Poloniex, which was formed in Jan 2014, have not been disclosed, Fortune reported that the deal was for about $400 million.

“We are excited to work with Circle to localize our product in more geographies, to explore options for fiat connectivity across major world currencies, and to continue providing our users with access to innovative token projects that extend cryptocurrency protocols to new use cases,” Poloniex said in a statement.

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