Poloniex is stripped from Circle, Sun Yuchen is behind the new takeover agency

On October 19th, the exchange Poloniex announced on October 18 that it would be separated from the parent company Circle and transferred to an Asian company called Polo Digital Assets, Ltd.

According to The Block, the gold owner behind the new Asian operator Polo Digital Assets is Sun Yuchen, the founder of the wave field. Circle insiders confirmed the news to PANews. Sun Yuchen once invited the founder of Circle, Jeremy Allaire, to join his and Buffett's dinner.

At the end of February 2018, Circle acquired Poloniex, one of the world's largest digital currency exchanges, for $400 million under the leadership of IDG Capital. However, subject to US policy, Poloniex's trading volume and market share accounted for 58% of the total market from the highest level in the first half of 2017, and then fell to a straight line. Currently, the trading volume of the whole day is only over 20 million US dollars, ranking 80 in the world. The remaining position. On May 16 this year, Poloniex announced that it would stop providing nine types of cryptocurrency services to US users.

Poloniex also announced in the announcement yesterday that it will focus on the national market in the future and will no longer serve US users from November 1. A new international operation plan will be launched to invest $100 million to expand its business. From October 21 to the end of this year, the spot transaction fee will be reduced to zero.