Poloniex, a top cryptocurrency exchange established in 2014, has acquired TRXMarket, a decentralized exchange (DEX) powered by the TRON (TRX) distributed ledger technology (DLT) network. With the deal, TRXMarket will now come under the umbrella of Poloniex as PoloniDEX, reports BITTIMES on November 28, 2019.
Poloniex Forges Ahead
As part of plans to expand its platform and give its global crypto traders more choices, Poloniex has acquired the TRXMarket decentralized exchange.
Per sources close to the matter, TRXMarket, the largest decentralized exchange on the TRON blockchain network has now become PoloniDEX, and will now operate under Poloniex, following the acquisition.
Though a good number of crypto traders still patronize centralized exchanges, since they support much more cryptoassets and trading pairs, decentralized exchanges have however slowly started gaining traction.
As reported by BTCManager, on November 26, 2019, data released by blockchain analytics platform, Dune Analytics, has revealed that more than $75 million worth of bitcoin (BTC) and altcoins were traded on DEXes in the past seven days.
According to a Medium blog post by the Poloniex team, the decision to acquire TRXMarket was made after a series of “intensive research” was conducted by its technical team.
Reportedly, TRXMarket is one of the 127 TRON Super Representatives safeguarding the TRON ecosystem, with a “7-day transaction volume of 30 million and the exchange has always been a top ten dApp by transaction volume according to DApp Review,” explained Poloniex.
It will be recalled that Circle, a highly reputed Bitcoin-friendly fintech firm acquired Poloniex in February 2018, however, the exchange announced a spin-out from Circle to become Polo Digital Assets Ltd in October 2019, a move it says will enable it to offer its users more features, assets and services.
Poloniex claims its primary objective is to change the face of the global trust system, facilitate trade in every corner of the globe and enable liberated value to flow freely.
Poloniex says the robustness of the TRON blockchain, coupled with its decentralized trading volume and rich experience in the DLT industry, are the exact catalysts Poloniex needs to accelerate the growth of its DeFi ecosystem.
At press time, the price of TRON (TRX) is down by 0.98 percent at $0.016088, with a market cap of $1.07 billion, as seen on CoinMarketCap.