Following an initial rebuttal of the rumors, Justin Sun, CEO of TRON, finally admitted to being involved in the acquisition cryptocurrency exchanges Poloniex .
#poloniex x #tron partnership plans! @Justinsuntron @tronfoundation https://t.co/qklNf4eIJW
- Poloniex Exchange (@Poloniex) November 12, 2019
On Tuesday, Sun revealed everything in a joint broadcast between TRON and Poloniex:
Poloniex Global now operates independently of the Poloniex team with investments from several investors. I was one of the investors.
It looks like Sun is using its new stake in Poloniex to provide more liquidity for its many projects. TRX will be among the first projects to be listed, with other TRC10 and TRC20 standard tokens assigned an exchange slot in the future.
The expansion appears to be the real name of the game, with Sun notes that China will be the first port of call. The exchange has already received "pwang.com" as a domain name for allocation.
Poloniex is one of the largest exchanges in our industry, I think that the exchange will grow and therefore we are partnering with them to have more initiatives.
This is not the first time Poloniex changes hands. Back in February 2018, the exchange was acquired by Circle payment company for 400 million dollars. Buying interest apparently never ceased, Poloinex's market share was declining. A firm that once had 50% of exchange transactions now has only 1%. Who knows, maybe Sun will change everything?