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.
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."
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