Tron Funder Justin Sun Admits To Invest in Crypto Exchange Poloniex

Must Read

Eight Things in Crypto You Can’t Afford to Miss This Week

In this roundup, we cover China's market-rattling resistance to Bitcoin, the increasing drumbeat toward crypto regulation, the...

Why the Cloud Industry Needs to Become Greener

According to Energy Post, the Internet will consume 20% of the projected electricity demand...

Your Wallet May Not Be as Secure as You Think; Here’s What To Do

Remember the egregious breach that exposed Ledger’s entire trove of customer data to the public?...
- Advertisement -
Earn Free Bitcoin

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.

- Advertisement -
- Advertisement -

Latest News

Sunday Market Analysis from Trendtracers

BTCUSDT. First impression is bearish, there seems to be yearly support at around 28k, We’re expecting more...
- Advertisement -Earn Free Bitcoin

Earn Passive Income with Nhash Cloud Mining Services

Cloud mining services are an easy way to earn passive income online. Although...

Afri-X and DigiShares Bring Tokenization to Africa

DigiShares is proud to announce its partnership withAfri-x.com to deliver the power of tokenization to Africa. DigiShares has licensed its tokenization platform to...

Racing For Heroes selects Gen2 Technologies as a Key Technology Partner

SPARKS, Nev., April 7, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is proud to announce that it has been...

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...