Poloniex crypto exchange recently announced that it has acquired the TRXMarket; this is a TRON-based decentralized exchange. The digital currency exchange is expanding its footprint in the DEX arena as private keys gain more popularity amongst crypto traders.
According to the blog posted on Wednesday, TRXMarket operations will be dubbed ‘Poloni DEX’ and will be accessible on the platform’s official website. Poloniex has been making strategic moves with a recent spin off from Boston based FinTech firm, Circle. Reports within the crypto space have confirmed that this transaction was partly funded by Justin Sun who is the TRX founder.
Stats posted on Tron’s announcement blog however seem to have overstated the value of Poloniex crypto exchange. The figures show that its transaction volume within a week had hit an overwhelming $30 million while coinmarketcap stats indicate the platform’s activity within the past day is below $40,000.
Poloniex noted that it acquired TRXMarket to scale its operations especially in terms of product variety. The firm had been working on a design that can increase the options available for users within its DEX ecosystem for over a year. This milestone comes as a fundamental boost to both Tron and Poloniex as alliances continue to forge ways for more innovations within blockchain and cryptocurrency.
Analysis conducted by The Block shows that the spin off from Circle could actually have been a positive from Poloniex. The exchange increased its market share by 100% following the event; this is despite a struggle to achieve over 1% market share for the better part of 2019. However, a larger part of the spike has been attributed to the zero-trading fee program launched immediately after the spinoff.