Despite earlier denial of involvement, Justin Sun, the CEO and founder of the cryptocurrency Tron, has said that he is part of the investment group that wants to take over Poloniex, one of the largest cryptocurrency exchanges that has fallen into difficulty.

Created in 2014, Poloniex was bought by investors from Coinbase backed company Circle in 2018 for approximately $400 million.At one point Poloniex was considered the most popular cryptocurrency exchange in the world. Over 50% of all crypto currency exchange transactions were on the Poloniex platform.Now its market share is down to 1% of the entire cryptocurrency exchange transactions and Tron founder Justin Sun is anxious to imitate a take over the former exchange giant along with several other investors.Sun’s interest maybe due in part to the fact that Poloniex has a strategy to entice Chinese crypto investors through a new domain called pwang.com which directs to Poloniex and accepts government IDs in line with Chinese regulationJust last month, Poloniex announced that they are planning to spend more than $100 million in a move to concentrate more on the global market rather than the US.

 

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