Poloniex – the US-headquartered crypto exchange firm – will reportedly be leaving Circle, in an effort to set up a new crypto exchange platform, dedicated to facilitating transactions for non-US customers.
Specifically, the freshly-established company – dubbed Polo Digital Assets – will grant Poloniex freedom from its parent firm Circle, as revealed on October 18.
According to Poloniex, this initiative will give it an opportunity to shift the focus on the needs of global crypto traders, by providing offering new features, assets and services, in an attempt to become more competitive in the current market.
Via a different blog post, Circle revealed that Polo Digital Assets is financially supported by an anonymous Asian investment group.
Along with the announcement of the initiative, the firm will also $100 million in its upcoming projects within the next few years, and will reportedly bring down all spot trading fees to 0% till this year ends, beginning October 21.
Nonetheless, as one of the disadvantages of the move, Poloniex will not be able to prioritise the US market anymore, should they want to achieve enhanced competitiveness in the global market. Per the announcement, Polo Digital Assets will not be deployed in America, and Circle will be closing all related activities of Poloniex users in the US.