Over the course of the last year, Circle has been selling itself to investors and to potential acquirers.
But it’s not clear where the strength of their business lies. And that lack of clarity only became more apparent last week after the firm announced it was severing ties with Poloniex, the cryptocurrency exchange it allegedly acquired for $400 million in February 2018. The development, although not entirely surprising, raises questions about the firm’s future and what the exact plan forward will be.
Poloniex has been struggling for years to capture more market share. Since Circle acquired the firm in February 2018, its market share of total traded volume globally has fallen from 5.2% to a paltry 1.2% in September 2019.
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