Cryptocurrency exchange Poloniex now controls the largest decentralized exchange on blockchain network Tron, official reports state.
Confirmed by Tron CEO Justin Sun on Nov. 29, Poloniex will now operate TRX Market under the new name "Poloni DEX.".
Poloniex 'acquires' decentralized exchange.
The move comes a month after Poloniex itself spun out from owner Circle to form a new exchange that addressed regulatory problems in the United States.
According to Sun, Poloniex "Acquired" TRX Market, while it remains unknown what changed hands and what financial value the deal generated.
"To maintain the development of TRXMarket over the long term, the team has accepted an acquisition offer from Poloniex and will rebrand with the new name Poloni DEX, becoming a decentralized exchange under Poloniex. The official website has now changed to poloniex.org," an accompanying blog post from Poloniex issued on Nov. 27 reads.
TRX Market functions as a non-custodial exchange that does not require users to store funds in a centralized wallet.
Poloniex meanwhile promised long-term beneficial effects for Tron as a result of the takeover.
"This acquisition is bound to be a very significant move for the TRON ecosystem, signaling the exchange sector's trust and recognition of TRON," the blog post claims.
The idea came from Changpeng Zhao, CEO of exchange Binance, following a well-publicized tussle with local industry media outlet The Block.
Poloniex 'Acquires' Tron Network's Biggest Decentralized Exchange
gepubliceerd op Nov 29, 2019
by Cointele | gepubliceerd op Coinage
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