Goldman Sachs backed payments company Circle has acquired US crypto exchange Poloniex. Although it´s been said that Poloniex is one of the biggest exchanges its trade volume would place it below the first ten. The price was said to be over 400 million dollars. Funny enough that value exceeds the capitalization of Circle, was funded with 140 million dollars as stated on their website.
Poloniex was started in 2014, it is an exchange for cryptocurrencies (tokens and digital assets), no operations are made in fiat money.
They are based in the tax-haven state of Delaware in USA.
Update: According to their website, the office is based in Boston Massachusetts.
¿Who are Goldman Sachs? An investment bank (possibly the biggest in the world) that had a hand in the biggest scandals the world has ever seen, like its participation in the 2008 crisis when it was bailed out with 10.000 million dollars. It is also highly influent in world politics.
“Lloyd Blankfein, chief executive of the US investment bank, said in 2017 about Bitcoin: “Something that moves 20% [overnight] does not feel like a currency. It is a vehicle to perpetrate fraud.”
¿Who is Circle? According to their website:
We’re more than a payment app. We’re on a mission to change the global economy.
It is funny but their mission is similar to Bitcoin´s.
However, Circle has a product, Circle Trade, which is the leading direct liquidity provider for digital assets like Bitcoin, directly trading more than $2 billion each month in crypto.
They deal with minimum orders of 250.000 dollars and they operate in BTC, ETH, ETC, ZEC, BCH, LTC, NEO y QTUM.
Circle is possible thanks to 140 millions of dollars brought in by our investors: Goldman Sachs, IDG Capital Partners, Breyer Capital, Accel Partners, General Catalyst Partners, Baidu, CICC Alpha, EverBright, WangXiang and CreditEase.
It would appear that G. Sachs and their partners who fear venturing into the cryptocurrency world themselves have created Circle for “experimenting” purposes. G.S. has afirmed that Bitcoin is a bubble. Their website hosts a “Blockchain presentation” that showcases some valuable knowledge on the subject along with technical and concept errors.