The cryptocurrency exchange, owned by Justin Sun, Poloniex merges with Huobi. The statement was made known on the following day when Poloniex closed the withdrawal and deposit of Stablecoins in the BSC network.
The Crypto exchange Poloniex which Justin Sun purchased from Circle in 2019 plans to merge with his most recent acquisition, Huobi cryptocurrency exchange, according to Wublockchain citing various sources of the situation. Additionally, the Poloniex brand will still exist, Sun stated.
This came after Huobi had announced exploring strategic mergers and acquisitions to expand its ecosystem while Poloniex suspended supporting stablecoins on BEP20 network.
Beside that, Coingecko has shown the 24h spot trading volume of the crypto exchange Poloniex is around $38 Million with 359 Coins and 552 Pairs, while the data of the Huobi is $305 Million which is 10 times higher than Poloniex’s.
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