Circle Expanding Poloniex Operations With 100 New Staff
When Circle bought the Poloniex exchange it promised it would “immediately begin working alongside the Poloniex team to address customer support and expand operations”. Less than a month later, it seems to be doing just that.
Circle co-founder Jeremy Allaire confirmed in an interview with Bloomberg that the headcount at Poloniex will initially be expanded by at least 100 people. About a third of these will go to strengthening Asian operations, with 10 bolstering the Hong Kong and China team, and the remainder for new teams in South Korea and Japan.
While Circle’s short term goals mainly involve improvements in customer care and compliance, they have bigger long term plans for Poloniex. After the acquisition was announced, Circle said that it aimed to expand the exchange “beyond its current incarnation as an exchange for only crypto assets” and into a marketplace for “everything of value” including real estate, physical goods and perhaps “works of art, music and literature”.
Allaire reiterated that this remains the plan. “The long-term view is that every form of value on the planet will become a crypto token”, he said, and Poloniex will be the place to trade those forms of value. However, he acknowledged the increasing influence of lawmakers in the space, “We need to work with the most important regulators”, he said.
The Goldman Sachs and Baidu-backed Circle also announced last week the rollout of Circle Invest, its digital investment and storage app. Its aim is to open up the cryptocurrency markets by making it “fast, cheap and simple to invest in crypto and digital assets” by having “no minimums, instant deposits, no commissions on a variety of coins”. Users can trade various cryptocurrencies, including Bitcoin, Ethereum and Litecoin, free of commission, with Circle profiting from the 1-2% spread between buy and sell price.
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