Tron Founder Justin Sun Admits Investment in Crypto Exchange Poloniex
Tron founder Justin Sun admitted to being one of the investors that recently acquired cryptocurrency exchange Poloniex from financial technology firm Circle.
Tron (TRX) founder Justin Sun admitted to being one of the investors that recently acquired cryptocurrency exchange Poloniex from financial technology firm Circle.
Sun said he was one of the investors who acquired the trading platform in a livestream published by the official Poloniex Twitter profile on Nov. 12. Furthermore, he noted that the exchange operates independently from his firm, the Tron Foundation.
In October, Sun refuted reports suggesting that he is leading an investment group behind the acquisition of cryptocurrency exchange Poloniex. Following the acquisition, Poloniex spun out from Circle as an independent company. During the livestream, Sun claimed that the investors intend to help Poloniex grow.
According to cryptocurrency market analytics platform Nomics, Poloniex is the 11th biggest cryptocurrency exchange by volume, processing $19.5 million over the 24 hours at press time. The website estimates that less than 1% of all the crypto trading volume takes place on Poloniex.
Sun said that, while people new to crypto may have never heard of Poloniex, about two years ago it was one of the most popular cryptocurrency exchanges, stating:
“So Poloniex is definitely one of the […] biggest exchanges.”
News of Sun’s investment follows Tron listing
While Sun stated today that Poloniex will operate independently of the Tron Foundation, news of his investment in the platform follows close on the heels of Tron’s listing on Poloniex. As the exchange announced yesterday, customers could start posting limit orders for TRX/Bitcoin (BTC), TRX/Tether (USDT) and TRX/USD Coin (USDC).
The coin has not reacted significantly to the news and is up 1.46% over the last 24 hours to trade at $0.019 at press time, according to data from Coin360.