Goldman Sachs enters the Crypto Exchange space, indirectly
Circle, a Goldman Sachs backed mobile payment solution provider, has just acquired the crypto-exchange Poloniex inc, one of the world’s leading crypto exchange for $400 Million.
Although Poloniex hasn’t publicly announced it on their website, they did release a statement stating that they have been acquired.
“We are excited to work with Circle to localize our product in more geographies, to explore options for fiat connectivity across major world currencies, and to continue providing our users with access to innovative token projects that extend cryptocurrency protocols to new use cases”, Poloniex said in a statement, released today.
But entering into the exchange market is not big for Circle Inc. The company has also been reported to work on a micro-investment app, which encourages users to put in small yet steady amounts of money into cryptos, similar to the Robinhood, that does it similarly for stocks.
With an arsenal of financial tools under Circle, it is soon going to be one of the biggest names in the Cryptocurrency circle. Circle Inc, is now going to compete with established exchanges such as CoinDesk.
What does it means for Goldman Sachs?
Goldman Sachs, has publicly criticized Crypto currency, calling them spam and even a Bubble. But this new development speaks differently. It will be interesting to see how Goldman Sachs adopts the new industry now that it has an exchange under it’s belt.
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