Crypto exchange Poloniex becomes a major crypto trading platform once again after facing years of stagnation. The exchange was one of the largest crypto exchanges alongside Coinbase, until 2015. In fact, it was the go-to exchange for traders investing in alternative cryptocurrencies and smaller trading pairs like tokens.
However, the controversy around the operating team of Poloniex and the legitimacy of the exchange led the platform to lose out in tight competition falling behind Binance, OKEx, Bitfinex, Bittrex, HitBTC and Huobi and many other cryptocurrency exchanges.
Crypto exchange Poloniex was acquired for over $400 million by Circle, a crypto and Blockchain Company that raised hundreds and millions of dollars from large venture capital firms throughout the last couple of years.
Poloniex, at the time of its acquisition, was tagged as a controversial exchange, primarily due to its stagnation and the emergence of new exchanges like Huobi and Binance that started to gain dominance over the crypto market. The Circle team spoke highly of the acquired exchange and its development team, but they weren’t convinced that it was worth $400 million. When the Circle-Poloniex integration started in late February, it had to deal with a backlog of 159,000 customer issues.
The Circle team mentioned during April that other than improving how and when they respond to customers, they are working towards addressing the root causes of the issues so that customers won’t have to contact them. It also added that it is striving to increase its withdrawal and deposit reliability so that customers can move funds confidently. It was also addressing common issues experienced by customers while signing up for an account and verifying their identity, as stated in the Poloniex April press release.
Within seven months of acquiring the Poloniex crypto exchange, Circle turned it around and enabled it to regain its previous position. Recently, the exchange surpassed Bittrex in volume and became a top 20 crypto exchange in the market, as stated in the CCN report.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]