Poloniex acquires TRXMarket, the largest DEX in the TRON Ecosystem

Back in February 2018, we wrote about Poloniex when Goldman Sachs-backed startup Circle acquired the cryptocurrency exchange startup. Then in October 2019, Circle announced the spin out of Poloniex. “In an effort to create a competitive internationally-focused cryptocurrency exchange, the Poloniex team and leadership are spinning out from Circle into a new independent international company, Polo Digital Assets, Ltd,” Circle said in a blog post.

Today, Poloniex announced in a post on Medium that it’s buying TRXMarket for an undisclosed amount. “Poloniex, one of the world’s most time-honored digital asset exchanges, announced its acquisition of TRXMarket, the largest decentralized exchange in the TRON ecosystem. TRXMarket, now named Poloni DEX, will operate under the umbrella of Poloniex. Users looking for decentralized trading services can find them on the Poloniex official website or by going straight to Poloni DEX at poloniex.org,” the article reads.

TRXMarket is the first TRON-based decentralized exchange. It executes all transactions via TRX smart contracts that are stored safely and transparently on the blockchain. Poloniex claimed TRXMarket exchange does not require private keys to make a payment, users’ private assets are securely isolated from the exchange. TRXMarket, one of the 127 TRON Super Representatives, boasts a 7-day transaction volume reaching 30 million and has long been a top ten DApp by transaction volume according to DApp Review.

Founded in 2014 by Tristan D’Agosta, Poloniex is a cryptocurrency exchange that offers over 100 bitcoin (BTC) markets available for trading. It provides its customers with a secure trading environment as well as advanced charts and data analysis tools. The platform enables its users to buy and sell cryptocurrencies such as litecoin, namecoin, dogecoin, and more. Users of Poloniex are required to be 18 years of age or older. With no deposit or withdrawal fees, it charges a flat rate of 0.2% on all trading transactions.

Poloniex provides its customers with a secure trading environment as well as advanced charts and data analysis tools. The platform enables its users to buy and sell cryptocurrencies such as litecoin, namecoin, dogecoin, and more. Users of Poloniex are required to be 18 years of age or older. With no deposit or withdrawal fees, it charges a flat rate of 0.2% on all trading transactions. Poloniex said on its website that Circle will immediately begin working alongside the Poloniex team to address customer support and expand operations so that we can continue to scale effectively going forward.

A spokesperson for Poloniex also provided an explanation for the reasons of choosing to operate DEX on the TRON public chain instead of others. “We recognize and value the rate TRON is expanding its ecosystem. Under the leadership of Justin Sun, founder of TRON, TRON’s ecosystem is growing at an exponential speed. After the official launch of TRON public chain in June 2018, within just a year, the total number of accounts on the chain of TRON has exceeded 4.1 million and the daily average number of transactions is over a million, securing a place among the top three public chains in the DAapp ecosystem,” the spokesperson said.