Circle Announces Trading App for Cryptocurrency Exchange Poloniex

Circle Announces Trading App for Cryptocurrency Exchange Poloniex

Francisco Memoria
  • The team behind Circle has recently announced an app for cryptocurrency exchange Poloniex.
  • The development is notable as scammers were creating fake apps to trick users.

The team behind Goldman-Sachs backed payments company Circle has recently announced an official app for cryptocurrency exchange Poloniex, in an “effort to deliver the best possible experience across all platforms.”

According to a recently published blog post, Poloniex’s new official app is available for iOS and Android, but can only be used for trading on iOS. Currently, the Android version only lets users monitor cryptocurrency prices on the exchange.

In order to trade with the app, users will need to generate an API key on the exchange’s website. Circle’s team touted it has “big plans for this app,” with the next step being “better mobile verification.” The app seemingly belonged to a third party before the company's official announcement. 

The development is notable as Poloniex is a popular crypto exchange, and scammers have been taking advantage of its lack of a mobile app to trick unsuspecting users through fake ones. Some, according to security researcher Lukas Stefanko, had over 5,000 downloads.

At press time Poloniex is the 40th largest cryptocurrency exchange by trading volume, as $25 million worth of cryptocurrency were traded on it in the last 24-hour period. The exchange was once one of the biggest in cryptocurrency ecosystem, but was reportedly understaffed and ended up struggling to cope with the rising demand the 2017 rally brought.

It was earlier this year acquired by Goldman Sachs-backed payments company Circle, which revealed there were over 150,000 customer support tickets to answer when it took over. As covered, Poloniex was acquired for $400 million, making Circle one of the most influential crypto conglomerates.

At the time, Circle revealed it was looking to expand Poloniex, writing in the announcement:

Secondly, we also look forward to scaling Poloniex up and out through market expansion and localization, increasing token listings where possible and appropriate.

Circle

A leaked confidential slide revealed that the US Securities and Exchange Commission (SEC) wasn’t going to pursue legal action for prior activities. Shortly after the acquisition was announced, Circle revealed it was going to hire 100 employees to expand its acquired exchange.

Circle’s other products include Circle Invest, a platform that lets users invest in cryptocurrencies, Circle Pay, essentially a payments app, and Circle Trade, an institutional trading desk.