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Poloniex Acquires Tron’s TRXMarket

Poloniex one of the oldest and a major cryptocurrency exchanges by real trading volume has acquired Tron-based TRXMarket, a decentralized cryptocurrency exchange (DEX). The updates have come through the company’s blog post on Nov. 27th.

TRXMarket is the largest DEX in the Tron ecosystem. Reportedly, after this acquisition, TRXMarket is upgraded to a new name “Poloni DEX” and allegedly would operate under the aegis of Poloniex. 

With this new hold, Poloniex and TRXMarket users won’t be affected because the platform is committed to providing the support and services in the same manner which it was delivered earlier. Meaning all the features and functions are the same and easy to access like before. The establishment would stick to the public chain of Tron as a “fundamental infrastructure” to build a decentralized financial system.

The Medium blog reads, “After multiple rounds of intensive research, the Poloniex technical team selected TRXMarket, a TRON-based platform.”

Source: Poloniex Medium Blog

Tron’s founder Justin Sun has officially declared via tweet around 9:27 AM, Nov 29. However, so far there is no disclosure of any financial deal amongst them. 

Poloniex & Tron Strategic Union

Earlier, KoinPost reported about the listing of TRX on Poloniex crypto exchange and users can do live trading of Tron’s TRX token (both deposits and withdrawals). 

In Oct, Poloniex has spun off from the Boston, Massachusetts, United States-based Circle cryptocurrency exchange to shape a new organization, Polo Digital Asset Ltd., which is also somewhere backed by Tron’s investment. 

Certainly, Tron is growing at an exponential pace. However, there is some ambiguity in the information which the blog presents. Per the blog, 30 million transaction volume in seven days hit by  TRXMarket, on the contrary, the cryptocurrency rating website CoinMarketCap demonstrates the exchange’s trading volume in the past 24 hours was below $40,000. At press time TRX is trading at USD 5,767.02 with 8 active markets and 19 unverified markets.

Take Flight with Tron’s TRX 

In a recent tweet, Sun has retweeted about the first-ever Bitfinex trading competition which has already started to lure more users towards the fastest performing DeFi ecosystem in the decentralized world of cryptocurrencies. The competition is proposing a total prize pool of up to 7.5 million $TRX. The verified users can showcase their abilities of trading with Tron (TRX) from 09/12/19 at 00:00 AM UTC to 15/12/19 at 11:59 PM UTC. For the eligibility criteria read here.

Image by Gerd Altmann from Pixabay

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