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Circle aims to expand services to improve Poloniex

Sthuthie Murthy

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Circle aims to expand services to improve Poloniex
Source: Wikimedia Commons


Circle goes on a hiring spree in regard to improve services at Poloniex. The capacity to handle the huge influx of new traders into the ecosystem has been one of the biggest concerns for the cryptocurrency investors’ community. Circle has decided to go on a hiring spree to make the services better after acquiring Poloniex last month. This will drive the exchange to a better and bigger platform globally. It will help expand with an emphasis on serving Asian and US customers and markets.

Circle

Circle Internet Financial Ltd, a fintech startup headquartered in Boston purchased Poloniex last month. They aim to make payments easier and more convenient while ensuring security. They plan to expand Poloniex by increasing the staff count to over 100 by hiring an additional 25-35 people. This will directly improve operations, services, customer support and the technology for its customers all over the world. The addition of extra manpower will support and improve operations in Asia while expanding a local workforce of 10 in Hong Kong and mainland China, and create new offices for South Korea and Japan.

As a summary from the last 5 years, Circle has raised about $140 million from all the leading investors including venture capital round led by Goldman Sachs which accounts for $50 million. According to studies, they handle over $1 billion trades every month and they acquired Poloniex for $400 million.

According to a statement from Jeremy Allaire, the Co-Founder of Circle:

“The long-term view is that every form of value on the planet will become a crypto token. We want to offer more markets, more assets, we want to localize it, and launch it in more international markets and, critically, we need to work with the most important regulators.”

Poloniex

With a total market capital of $199,636,578, it is one of the exchanges that most of the currencies are thriving to be listed on. Currencies such as Bitcoin, Ethereum, Ripple, Stellar and many more are actively traded on this platform.

While this exchange is expanding locally in Asia, Circle is focusing on the US markets. Last week, Circle announced the cryptocurrency trading app available to residents of 46 US states. The app supports the top currencies like Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.

Jessie, a market observer commented on a forum:

“That is great news, now perhaps I can get a response on the tickets I had submitted when coins were stolen from me.”

Stuart, a cryptocurrency enthusiast suggests:

“While you are at it, you can think of expanding the fiat gateways for currency pairs? Half the issues at this exchange and at Coinbase are concerning backed up or log jammed transactions. Circle can do this immediately because they handle fiat as a money processor.”





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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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