The founder of Tron, Justin Sun, admitted that he is one of the investors in Poloniex crypto exchange that was recently acquired by Circle. Sun initially denied the investment.
While the investment came through, Poloniex is operated independently from Tron. The comment was made during a joint Tron-Poloniex event that was live-streamed via Twitter on November 12, 2019.
Poloniex was created in 2014 and was acquired by Circle four years later for $100 million. Poloniex, before the changes in ownership, had little more than 1% of the crypto exchange market.
This is what Sun said regarding the exchange:
Poloniex is one of the biggest exchanges in our industry. I think the exchange is going to grow and that’s why we collaborate with it to have more initiatives.
One such initiative that did not surprise the market after it became known about Sun’s investment in the exchange was the listing of Tron’s tokens on Poloniex, which also included an airdrop of USDT and TRX20 for all users currently on the platform. This campaign is coming in the next weeks, as well.
Another initiative that sparked the audience’s interest was whether Tron will collaborate with Poloniex on trading, which was confirmed by Sun. He, however, declined to give further details about the collaboration.
Justin Sun continued to point that Poloniex has a strategic plan to attract Chinese cryptocurrency investors. As reported by CoinDesk, users from China will be able to log in via a new domain called pwang.com (a path that directs them to Poloniex). The exchange is also accepting Chinese IDs for KYC procedures.
More about Poloniex and Circle can be found here: