- Poloniex acquires TRX Market
- Sun confirms the acquisition of the deal without disclosing the financial value
- Sun pledges to donate $1M to fund aimed at fighting negative publicity of crypto businesses
Tron News Today – Poloniex – a crypto trading platform – now controls the largest decentralized exchange on the blockchain of Tron (TRX), according to an official report. The CEO of the Tron Foundation – Justin Sun – confirmed the report on November 29. Poloniex will now operate the Tron (TRX) Market under the new name Poloni DEX.
Poloniex Acquires TRX Market
This move comes some weeks after Poloniex spun out from its parent firm – Circle – to create a new trading platform that addressed regulatory issues in the US. Recently, Sun confirmed that Poloniex has acquired TRX Market. However, he did not disclose the financial value of the deal. TRX Market serves as a non-custodial trading platform that does not require users to store funds in a centralized wallet.
TRON (TRX) Price Today – TRX / USD
A blog post from Poloniex, which was released on November 27, reads:
“To maintain the development of TRX Market 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.”
Tron (TRX) Reacts to the Acquisition
The wording of Justin Sun seemed to confuse social media users. The senior market analysts at eToro – Mati Greenspan – questioned Sun about how a speculatively decentralized entity could possibly be placed under the control of another entity. Meanwhile, Poloniex has promised long-term beneficial effect for the cryptocurrency as a result of the takeover.
The blog post of the firm states:
“This acquisition is bound to be a very significant move for the ecosystem of Tron, signaling the exchange sector’s trust and recognition of Tron.”
After the announcement, the price of TRX against the USD came down from its modest boost and plunged by about two percent. Tron (TRX), which is now down to the 12th position on the list of top digital currencies by market cap, has been following the trend of other top cryptos in the market.
Bitcoin recently broke over the $7,700 resistance level and topped out at $7,850. Almost all the top cryptos in the market are currently in the green zone, and Tron (TRX) is not left behind. Tron (TRX) is up by less than one percent over the past twenty-four hours.
Sun was recently in the headlines a few days ago after pledging a $1M donation to a fund designed to combat negative publicity of digital currency businesses. The CEO of Binance – Changpeng Zhao – birthed the idea, after a well-publicized tussle with The Block – local industry media outlet.