Finally, the speculation and the whispers around the industry have been confirmed: Justin Sun, the revolutionary leader of the TRON project and blockchain, announced the token’s listing on the Poloniex cryptocurrency exchange.
Not only that but also, Sun made official that he is behind the investor group that will complete the acquisition of Poloniex from Circle, a famous fintech company. Originally, the founder of the TRON ecosystem had denied any involvement, but he did not have any choice but to confirm the news that everyone was expecting.
The development occurred at a Tron-Poloniex joint event that was streamed via Twitter at the start of the week. Sun confirmed that TRON was one of several investors in the influential and widely used crypto exchange, but that the latter is managed independently from his firm.
A Declining Giant
Poloniex is one of the world’s most famous crypto exchanges. It was born in 2014, and Circle purchased it for a reported $400 million at the beginning of 2018. Once upon a time, Poloniex hosted over 50% of exchange transactions, but it has been ceding market share for quite some time now and was at 1% of the market before the recent ownership change.
Meanwhile, TRON (TRX) is firmly entrenched in the top 20 of all cryptocurrencies according to Coinmarketcap. It is currently 11th in total market cap, and it will now be listed on the revamped Poloniex crypto exchange.
Poloniex also confirmed in the last few days that it was ready to list the decentralized crypto. Sun went to Twitter to tell it himself: “It’s official now,” he said to his followers, after days of speculation and rumors.
As for the available trading pairs, customers of the exchange are already able to start posting limit orders for TRX/Bitcoin (BTC), TRX/Tether (USDT) and TRX/USD Coin (USDC). According to reports, full trading will be possible “shortly after this date”; therefore, it should not belong.
“Poloniex is one of the biggest exchanges in our industry. I think the exchange is going to grow and that’s why we collaborate with it to have more initiatives,” were Sun words regarding his participation in the purchase of Poloniex. He did not provide additional details for the time being. He had stated that he was not buying “anything” just a few days ago.
An Airdrop Coming?
According to the crypto entrepreneur, an airdrop campaign of USDT and TRX20 for Poloniex users may be around the corner and could occur before the end of 2019.
Regarding the exchange’s approach to entice Chinese investors, Sun stated that they would be able to sign in through the pwang.com domain, and they will be redirected to Poloniex. The platform also takes Chinese government IDs for KYC (know your customer) proceedings.
Poloniex had been talking about splitting from Circle and form a new firm, called Polo Digital Assets. New ownership had the objective of testing the global market and drift away from the United States.
By Andres Chavez