Circle stripped Poloniex, its valuation plummeted 80%

Circle is a world-renowned blockchain startup with investors including Goldman Sachs, IDG Capital, Bitcoin and hedge fund Pantera Capital, providing services such as payment, transfer, and zero-cost cross-border transactions.

In February 2018, Circle spent $400 million to acquire Poloniex, the top exchange of Zeng Hongji. After a year, the two parted ways.

Last week, Poloniex and Circle announced that Poloniex has been divested from Circle and is now part of the "Polo Digital Assets" operated by an Asian investment company. A person familiar with the matter disclosed that Tron founder Sun Yuchen was related to Polo Digital Assets, but Sun Yuchen denied it.

Poloniex continues to lose market influence, with a market share of only 1%. In April 2017, Poloniex played a significant role in the overall market, with market share accounting for nearly 60%.

01

Poloniex market share

Prior to the Peloniex divestiture, a large number of employees from the Circle OTC division resigned, and the division claimed a transaction volume of €24 billion in 2018, exceeding the Circle payment.

Another highlight is the stable currency USDC, which was jointly launched by Circle and Coinbase, but it is roughly estimated that the stable currency will bring a profit of only a few million dollars to Circle.

02

The current USDC market value is nearly 460 million US dollars

When Circle earned a bit of mainland investment in 2018, its valuation was $3 billion, and now Circle's valuation may be only $600 million.

Bitcoin plunged, a large number of altcoins returned to zero, countless public chain teams left, and the valuation of start-ups plummeted, which is the epitome of a bear market.

Related reference: https://twitter.com/fintechfrank/status/1186405981347090432

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Hacker's "honeypot": the exchange has been stolen 1.36 billion US dollars, accounting for 59.2% in 2018 alone

Bitrue, a Singapore-based cryptocurrency exchange, today announced a hacking attack that cost $4.3 million worth of X...

Blockchain

FTX Crypto Exchange: The Bidding Bonanza!

Some of the available options include selling the exchange, which previously had 9 million users but went bankrupt.

Blockchain

The FATF's strongest regulatory new regulations have come, and the exchange's "resistance" will be held at the end of the month.

The world's mainstream cryptocurrency market – the United States, Japan, South Korea, China, how long is i...

News

Inventory of Seven Bills that Could Determine the Future of Cryptocurrency in the United States

Author | DL NEWS compilation | Garyma Wu said the original link of the blockchain https//www.dlnews.com/articles/defi...

Blockchain

The real life of the owner of the exchange: the horror of the thief, the night can not linger

Xu Mingxing once dreamed that someone had kidnapped him and asked him to hand over Bitcoin. Awakened in his dream, he...

News

Twitter featured: Mancoin network suspected of being stolen 100 million US dollars, the official claims to maintain

01 CoinDesk Media News Lightning Labs released its first desktop application on the Bitcoin blockchain. Lightning Lab...