The founder and CEO of Tron, Justin Sun has admitted that he has invested in Poloniex crypto exchange.
Initially, he was denying this fact but despite so much denial, he has now admitted to being one of the investors who acquired Poloniex crypto exchange from the payment company Circle.
Justin Sun admitted this fact on Nov 12 during a live stream on twitter between Tron and Poloniex. He said that he was involved in the acquisition of crypto exchange and also said that Poloniex is operating independently.
— Poloniex Exchange (@Poloniex) November 12, 2019
Speaking of Poloniex exchange, Justin Sun said:
Poloniex right now is running independently by the Poloniex team with investment from several investors. I was one of the investors.
Justin Sun’s initiative has given a healthy boost to the TRX. And in the future, TRX will be one of the first projects which will be listed on this exchange platform along with other standard tokens TRC10 and TRC20. Also, there will be the listing of an airdrop containing USDT and TRX20.
Poloniex exchange was founded in 2014 and in 2018, the payment Circle acquired Poloniex for an amount of $400 million. The transaction volume on the exchange is steadily decreasing. The exchange was once boasting 50% of transactions and now it has decreased down to just 1%.
During the live stream discussion, TRON CEO said that exchange is going to grow in the future. As he said:
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.
Justin Sun has also discussed the strategy of Poloniex exchange to woo Chinese crypto investors and said that now Chinese users will have access to Poloniex exchange through the help of its new domain “Pawng.com”.
Justin sun has denied revealing further details and facts about their cooperation with the Poloniex exchange. He only said that in the future, Tron will be cooperating with the Poloniex exchange on trading.