Justin Sun Admits into Crypto Exchange Poloniex Investment

Mary Brendah by Mary Brendah - 12:25 PM Nov 14, 2019
justin-sun-admits-into-crypto-exchange-poloniex-investment

Tron’s (TRX) price rises on the news that the founder and CEO of the company is indeed an investor in Poloniex exchange company. The exchange started accepting limit orders for TRX/BTC, TRX/USDT, and TRX/USDC yesterday.

Moreover, Sun claimed he was one of the investors who purchased the trading platform in a Livestream published by the official Poloniex Twitter profile on November 12. Additionally, he said that the crypto exchange operates independently from his firm; the Tron Foundation.

However, back in October Sun refuted the news that suggested; he led an investment group towards the acquisition of Poloniex exchange. Following its acquisition, Poloniex spun out from Circle as an independent firm. Additionally, during the Livestream, Sun said the investors were helping Poloniex to grow.

Notably, according to cryptocurrency market analytics platform Nomics, Poloniex is the 11th biggest cryptocurrency exchange by volume. The firm processing $19.5 million over the 24 hours at press time. The website estimates that less than 1% of all the cryptocurrency trading volume takes place on Poloniex exchange. In addition, Sun noted that, while people new to crypto may have never heard of Poloniex exchange. However,  about two years ago it was one of the most popular cryptocurrency exchanges.

Tron Price Reacts Positively as TRX gets Listed


Furthermore, Poloniex announced it will list Tron earlier this week; amid the reports that its new owners want to boost the platform’s presence in the Asian continent. The exchange started accepting limit orders for TRX/BTC, TRX/USDT, and TRX/USDC yesterday. Moreover,  full trading of TRX will be enabled soon.

In conclusion, The token has not reacted significantly to the news and is up 2.72% over the last 24 hours to trade at $0.020106  at press time, according to data from Coin360

 

About The Author
Mary Brendah

Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.

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