Justin Sun, the Founder of Tron and CEO of BitTorrent recently confirmed that he has invested in Poloniex crypto exchange, alongside other investors. Sun is planning to boost the growth of the Tron ecosystem by leveraging the exchange’s key capabilities. He announced this new development via a joint Livestream event hosted by both Tron and Poloniex.
Tron (TRX) is currently up by more than 3% according to data from CoinMarketCap. In the near-term, crypto analysts expect to see further upswings, along with a strong foothold in the second-largest economy in the world, China.
Justin Sun Confirms Investing In Poloniex Exchange
Sun revealed that he had acquired a share in the embattled crypto exchange, explaining that the exchange is operated by its own Poloniex team which is assisted by several investors, him being one of them. This stake in Poloniex will be vital in widening the scope for major adoption of Tron and BitTorrent.
This year, Tron has been noticeably active in scoring partnerships and getting TRX added on several cryptocurrency exchanges. On November 12, Sun announced that TRX was officially added on the Poloniex exchange and during yesterday’s Livestream he confirmed that plans are already underway to list more Tron-based tokens like TRC20 on the exchange.
Poloniex is currently conducting several offers in a bid to attract more users including slashing the spot trading fees to zero percent until December 31, 2019, and airdrop in the coming weeks. Moreover, many speculate that with Justin Sun at the helm of its affairs, it has the potential to become successful.
The news comes almost a month after Poloniex parted ways with Circle and moved to its own company called Polo Digital Assets. The new backers are set to invest over $100 million to fund its expansion operations. However, at the time, Justin Sun denied claims of investing in Poloniex, saying that he was “not buying anything”.
Could TRX Soon Be The Biggest Cryptocurrency In China?
One of Poloniex’s main focus after cutting off US customers is expanding into China. According to Sun, Chinese crypto investors will be able to log in through the new domain name pwang.com which will direct them to Poloniex. In addition, the new exchange will be compliant with China’s know-your-customers (KYC) procedures by accepting Chinese IDs.
China’s recent broad embrace of blockchain technology will be a boon for all crypto assets, but according to some crypto watchers, TRX is likely to benefit the most following this partnership with Poloniex exchange, and could become the “largest cryptocurrency in China”. As aforementioned, Poloniex moved out of the US and plans to focus mainly on the Chinese market.
It’s additionally worth calling attention to the fact that Tron was recently ranked second by China’s Centre for Information and Industry Development (CCID), which is under China’s Ministry of Industry and Information Technology.
Nonetheless, whether TRX becomes the largest cryptocurrency in China remains to be seen in the coming months, or years.
TRX Price Analysis
TRX is currently attempting a recovery from its recent losses and has gained 3.99% on the day to trade at $0.020028. The coin is eleventh-ranked with a market capitalization of $1.34 billion. Notably, other altcoins like Binance Coin (BNB), Chainlink (LINK), and Neo (NEO) and are also posting significant gains of 5.34%, 6.37%, and 11.84% respectively. Bitcoin, on the other hand, has been hovering around $8,800, showing little progress over the last 24 hours.
For Tron (TRX), one analyst going by the name Crypto Rand is bullish about its next move. “$TRX ready to fly| Resistance becoming support and squeezing against the local downtrend,” he opined while pointing to a chart.