Speaking to his followers on a live stream broadcast by Poloniex, Tron founder Justin Sun revealed that he was one of the investors who bought a stake in the US based exchange which has caused a spike in the popularity of the Poloniex referral program.
Poloniex was spun off into an independent entity after being acquired by global financial services company Circle just over 18 months ago. Sun was quick to remind his followers that while he had an interest in the company, it remained independent and not under Tron’s control. Tron founder Justin Sun has confirmed that he is one of the investors in an Asian investment group that has acquired a stake in US trading platform in the global cryptocurrency market Poloniex.
Sun plans to use the exchange to further accelerate the growth of the Tron ecosystem. Tron also acquired BitTorrent, the leading peer-to-peer file network, this year, where it introduced the BTT token to achieve its goal of decentralizing media access on the Web. With Poloniex as part of its portfolio, Tron can expand its projects, including its bit torrents.
During the live stream, Sun announced that he and the other investors in Poloniex would help to expand the exchange’s ongoing business. Sun has not revealed details about the terms of the deal, other than the price, but the acquisition is evidence of Sun’s ambitions.
While this may not be consistent with his public statements on the decentralized Web, given that Poloniex is a centralized exchange, it follows Sun’s story of centralizing more services under his umbrella. Tron’s acquisition of Steemit was even more controversial, with some claiming Sun conspired with major exchanges to remove and replace the node validators of the dPOS blockchain.
Sun plans to support the growth of the Tron ecosystem by leveraging the key capabilities of the Exchange. Tron is part of a group of other investors invested in the cryptocurrency Poloniex by Fortress Investment Group, the world’s largest private equity firm. It was recently confirmed that the group has invested $100 million in the stock market.
This new development was announced on October 12 at a joint Tron and Poloniex live stream event on the New York Stock Exchange (NYSE).
Tron founder Justin Sun recently acquired a majority stake in Poloniex, one of the world’s largest digital currency exchanges. Tron (TRX) is currently trading at $0.05, up more than 3%, according to data from CoinMarketCap.
In an apparently coordinated attack, the cryptocurrency exchanges Binance, Huobi and Poloniex have used their influence to give Sun a majority stake in one of the world’s largest digital currency exchanges. Bitcoiner and programmer Udi Wertheimer has a lot of fun with his new project Tron. Steemit, the blockchain network that powers Bitcoin, Ethereum, Bitcoin Cash and many other digital currencies. After community outrage and accusations of an ahostile takeover, Binance and Huobee withdrew their support for Sun.
The exchange project is partly owned by founder Justin Sun and offers a competition that naturally promotes Sun’s personal Twitter account and the exchange’s plans to record Tron (TRX) and TRx10 coin drops in the future. Details about the development of Tron’s Smart Contract Network and its future plans have put the Smart Contract Network in the developer’s crosshairs.
Although there has been a lot of interest in the development of Tron’s Smart Contract Network and its future plans, little has been discussed about Sun’s involvement in the project.
On 12 November, Sun admitted in a live stream broadcast on Twitter that it was part of an investor group involved in the Poloniex takeover. At the time, he denied being in exchange for the purchase, but on November 13, Circle sent an email to its US customers detailing that it could charge dormant fees for people who do not withdraw their crypto- or digital assets and that they could be sent to the government. Since Poloniex left all U.S. banks under the Circle umbrella, customers have also been prohibited from using the platform and have been asked to withdraw all coins by a certain date.
The Poloniex Crypto Exchange disappointed many crypto investors and enthusiasts last year by giving Justin Sun, the founder of Tron Blockchain, a bad name. It looks like that reputation has gone and we have learned that he owns the Poloniex exchange after he launched it as part of a group of Asian investors.
In recent weeks, a battle has been waged between Justin Sun, founder of Tron Blockchain, and Jared Cohen, CEO of Poloniex. The fight, which is mainly about boosting the benefits of Justin Sun and Tron’s blockchain, has its roots in a white paper whose content has been cut, copied and pasted from the Ethereum blockchain white paper. Tr on Justin Sun has a history of pioneering the intelligent contact features of blockchain when he was just 19 years old – a teenager.