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hemi3tcon Feb 27, 2018 5:22am
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Circle (GS) Buys Poloniex Cryptos rally
Circle (GS) Buys Poloniex Cryptos rally Big deal in cryptos: Circle buys Poloniex
The deal may create a Wall Street-style crypto-related financial services giant, writes Fortune's Robert Hackett.
Backed by Goldman Sachs (NYSE:GS), Circle (through its Circle Trade platform) is the gorilla in institutional cryptocurrency trading. The Circle Trade desk handles more than $2B per month in transactions, with minimum deal size of $250K, according to Hackett. Revenue in the quarter ended in January topped $60M.
Today, it's announced the purchase of Poloniex, one of the globe's most active crypto exchanges, for a reported price of around $400M.
In addition to making Circle an instant threat to Coinbase (Private:COINB), writes Hackett, the acquisition sets the stage for a step up in the "mainstreaming" of cryptocurrencies.
Cryptos are in rally mode today, with Bitcoin higher by 7.5% to $10,350.