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The US-based digital asset exchange Poloniex announced the acquisition of TRXMarket on November 27th. TRXMarket, a decentralize exchange that is based on the TRON (TRX) network, will now be called Poloni DEX and carry out functions under Poloniex.
Poloniex, among the top global virtual asset exchanges, made the recent purchase as part of its plan to expand its crypto trading platform and make several new trading options available for its customers. After careful evaluation, Poloniex settled on TRXMarket’s acquisition as its next move.
Poloniex’s vision to enable crypto trading across the globe and allow independent digital assets to flow freely will be achieved as TRXMarket (or now Poloni DEX) will continue its operations through the public blockchain of TRON as its basic infrastructure. TRXMarket conducts transactions through TRX smart contracts that are recorded and documented on TRON’s blockchain. These transactions don’t require private key which means that the users’ assets are separate from the exchange.
TRON prior public chain’s performance (although it was disputed in the past) along with its decentralized trading platform is what Poloniex wanted in order to expand its DeFi ecosystem. Poloni DEX will continue to offer its users secure, decentralized and efficient trading service.
A spokesperson for Poloniex commented about the company’s decision to continue Poloni DEX on Tron’s public chain, stating that Poloniex recognizes the rate of TRON’s ecosystem expansion. He further added that under Justin Sun’s leadership, TRON’s founder, the ecosystem will grow at an increasing rate. Since the launch of TRON’s public chain in June of last year, the total number on users for the company has increased to over 4.1 million and the number of daily transactions through the platform is almost a million.
Trusting TRON’s Network and Technology
In addition to this, TRON’s sidechain project, SUN Network, was also proclaimed a success. Poloniex’s spokesperson added that with these accomplishments over the course of the past year, the company has a trustworthy reason to choose TRON as its underlying infrastructure and not other public blockchains who charge high transfer fees and are developing at slower rate.
Justin Sun commented that he is pleased about strategic partnership with Poloniex and their successful acquisition of TRXMarket, and that this means a lot for the company’s ecosystem. He added that this move also represents the beginning of TRON’s recognition from prominent exchanges around the world along with its move to expand DeFi ecosystem.
He concluded by saying that TRC20-USDT (TRON’s collaboration with Tether) is also manifested as solutions for trading platforms by making the deposit and withdrawal systems a lot less complex.