Poloniex Expands Services Following Acquisition of TRON-Facing DEX

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TRON’s Poloniex has completed the acquisition of TRaxMarket; a decentralized cryptocurrency exchange developed on the TRON blockchain. According to a blog post, TRXMarket’s operations would remain the same, but the name changes to Poloni DEX. Poloniex customers will also be able to access the platform easily. Decentralized exchanges allow their users to trade while still keeping in control of their private keys. According to the blog post.

Poloniex was drawn to purchase TRXMarket as part of its mission to expand its trading services to users and dabble into the decentralized trading world. Rather than developing a new platform, the company chose to purchase one that was already operational. 

TRON and Poloniex’ Links 

Earlier this month, the collaboration between apologies and TRON because apparent when Justin Sun, the head of the TRON Foundation, admitted that he was one of the people who invested in Poloniex an enabler it to break it from its previous company, global payment processor Circle.

Sun initially denied his Foundation’s involvement in the exchange, even going as far as to deny allegations of imminent ownership. However, he eventually revealed his involvement with the colony, shortly after the platform listed TRON as a trading option as well. Limit orders for TRX/BRC, TRX/USDT, and TRX/USDC are now available on Poloniex. 

A Potentially Untapped Market 

As for the next steps for Poloniex, those remain unknown. The company established itself as an independent entity for a while now, as it continues to navigate its future after breaking off from Circle.

However, acquiring a decentralized exchange is undoubtedly not a bad way to go. While these exchanges aren’t as popular as their more established counterparts, they hold a certain appeal for sure. In a world where privacy and control matter more and more to people, decentralized exchanges could be the future of crypto-asset transfers, especially given that the most popular exchanges are taking a lot of heat for bowing to the requests of financial regulators. 

LocalBitcoins, a peer-to-peer exchange, recently came under fire after disgruntled customers claimed that it was shifting away from the concept of anonymity that made it attractive. Things became even more strained between the company and its customers, when it got regulatory clearance to operate in its home country of Finland.

Getting regulatory clearance means that exchanges will need to meet certain surveillance and accountability standards, a move which could mean turning over transaction records and customer data to regulators whenever they call. Several other exchanges have been gravitating towards this, and in the event that this becomes the norm, decentralized exchanges could provide a safe haven for those who still want to stay safe.

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About Jimmy Aki

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

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