TRON founder Justin Sun’s backed Poloniex exchange would merge with the recently acquired Huobi exchange as personnel from both parties have already begun to integrate.
The trading platform has been reportedly bought by Sun from Circle in 2019, WuBlockchain disclosed citing anonymous sources. The latest collaboration might be a part of an expansion drive carefully orchestrated by the TRON founder.
As reported by TronWeekly, Sun who is a global advisor in his other firm Huobi has laid out three strategies to enhance its position as the market leader and rise to the top among other major players in the sector.
The Seychelles-based cryptocurrency exchange recently rebranded its name from “Huobi Global” to “Huobi” via a press statement.
The new name is made up of two Chinese characters, the first of which stands for eternal energy and the second of which expresses the will to triumph.
As part of a new roadmap for international expansion, Huobi will be ramping up its investments in South-East Asia, Europe, and other regions.
Sun further hinted that the country could set up shop in the Dominican Republic where TRON blockchain partnered with the Caribbean island state to issue a national digital currency, the DMC token, as legal tender.
With regards to Poloniex, its merger with Huobi will widen its customer base as its daily spot trading volume is only 1/10 of that of Huobi, per Coingecko.
While there have been no official comments from any of the exchanges, Sun responded that the Poloniex network brand will continue to exist.
TRON Founder Teased A Possible Collaboration With BNB chain
Just the other day, the exchange suspended BSC stablecoins without providing the reason for the abrupt announcement.
Furthermore, the team urged users to use the ERC20 and TRC20 networks for stablecoin deposits and withdrawals and would be offering equivalent multichain solutions for the different stablecoins.
On 25 Nov, Sun teased a possible collaboration with the BNB chain without specifying more. “I fully support the BNBCHAIN ecosystem and BUSD. Actually, we will have a big partnership announcement soon.”
In an earlier tweet, Sun notified the community of the arrival of a new BEP-20 TRX token on the BNB Blockchain.
But owing to continuing upgrades in Tron, DEX PancakeSwap delayed the rollout of the Tron syrup/pool These stake pools would enable users in staking CAKE and gain TRX.