Copy link
Increase text size
Decrease text size
Link copied

Crypto exchange Poloniex absorbs TRXMarket to expand its decentralized ecosystem

Crypto exchange Poloniex has successfully acquired TRXMarket resulting in the exchange changing its name to Poloni DEX.

Image: Poloniex Facebook

Fri, 29 Nov 2019, 05:35 am UTC

The TRON-based decentralized crypto exchange TRXMarket has now been successfully acquired by Poloniex. The acquisition resulted in TRXMarket changing its name to Poloni DEX and all of its operations will be overseen by its new owner.

The news comes in the wake of Poloniex separating itself from Goldman Sachs-backed Circle, with its spin-off partially funded by TRON founder Justin Sun. The acquisition was confirmed through a blog posting published on Wednesday, Nov. 27.

The blog explains that Poloni DEX will be following TRXMarket’s previous operations and no changes will be made under this new management. Those who are interested in diving into decentralized trading can access the new service on the Poloniex official site or by directly accessing it on Poloni DEX at poloniex.org.

Poloniex’s future plans

“Poloniex’s vision is to reshape the global trust system, to enable trading in every corner of the world, and allow liberated value to flow freely. However it is named, TRXMarket, or Poloni DEX, will remain committed to building a decentralized financial system by sticking to the public chain of TRON as the fundamental infrastructure, and offer users increasingly secure, efficient and decentralized trading experience,” the blog read.

Poloniex’s acquisition of TRXMarket stems from its desire to expand its decentralized services in a bid to provide trading diversity to its clients. Poloniex said that its technical team selected TRXMarket after "multiple rounds of intensive research."

Noting various accomplishments made by TRON in the past year including the launch of mainnet and sidechain project SUN Network, adoption of a new staking mechanism and others, a Poloniex spokesperson said:

"On top of all that, TRON frees its users of transfer fees and transaction delays, which is DeFi-friendly. I think we have every reason to choose TRON as our underlying infrastructure over other public chains who are slow progressing and charge ridiculously high transfer fees. We need to be responsible for all our users."

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,124.99 (-2.15%)
  • Ethereum (ETH) $142.87 (-1.45%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $206.97 (-2.33%)
  • Litecoin (LTC) $43.62 (-1.67%)
  • Bitcoin (BTC) $7,124.99 (-2.15%)
Dec 14, 2019 (Saturday)
05:44
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
12:50
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:25
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
11:24
Terra launches stablecoin-powered payments service in Mongolia
10:37
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
10:22
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
08:55
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
08:55
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
07:49
Twitter looks to blockchain to decentralize social media
07:03
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
06:22
ING bank developing custody project for digital assets: Report
06:18
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
05:28
Franklin Templeton leads blockchain-based social impact platform’s funding round
04:58
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
04:44
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
04:33
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
04:33
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
03:24
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
03:23
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft