Poloniex Announces Acquisition of TRXMarket, a Tron-Based DEX

Cryptocurrency exchange Poloniex has just announced its acquisition of TRON-based decentralized exchange (DEX) TRXMarket. Several reports indicated that this acquisition was partly funded by TRON’s founder Justin Sun in addition to some others, who had previously invested in Poloniex Exchange with some noteworthy investment fund.

Poloniex confirmed the news via an official post on Medium, stating that it had bought TRXMarket for an undisclosed amount. According to the post, TRXMarket will operate under the umbrella of Poloniex and all of the exchange’s functions will remain the same, however, under a new name – Poloni Dex.

The post further indicated that users looking for decentralized trading services can find them on the Poloniex official website or by going straight to Poloni DEX.

Poloniex has been one of the top 3 digital currency exchanges. Founded in 2014 by Tristan D’Agosta, Poloniex is a cryptocurrency exchange that offers over 100 bitcoin (BTC) markets available for trading.

Furthermore, the platform provides its customers with a secure trading environment as well as advanced charts and data analysis tools. With no deposit or withdrawal fees, it charges a flat rate of 0.2% on all trading transactions.

In October, Poloniex spun off from Boston-headquartered Circle. Prior to this, Goldman Sachs-backed startup Circle had acquired the cryptocurrency exchange startup in February of 2018.

Poloniex noted that it had acquired TRXMarket to expand its decentralized trading ecosystem in an effort to provide its users with varied trading options – a long-term strategic design that Poloniex had been working on since 2018. This acquisition comes as a significant boost to both Tron and Poloniex as its partnership continues to create ways for more innovations within blockchain and cryptocurrency.

Meanwhile, the newly acquired TRXMarket is the first TRON-based decentralized exchange, and it executes all transactions through TRX smart contracts that are stored safely and transparently on the blockchain. The exchange does not require private keys to make a payment as users’ private assets are securely isolated from the exchange.

TRXMarket is one of the most used DEX on the TRON network, listing amongst the 127 TRON Super Representatives. In addition to that, the DEX it records, on average, a 7-day transaction volume of $30 million and has long been a top ten DApp by transaction volume according to DApp Review.

A spokesperson for Poloniex gave out a statement, in which they explained why the exchange had chosen TRXMarket, emphasizing that they had every reason to choose TRON as their underlying infrastructure over other public chains, who were slow progressing and charged high transaction fees.

“We recognize and value the rate TRON is expanding its ecosystem. Under the leadership of Justin Sun, founder of TRON, TRON’s ecosystem is growing at an exponential speed. After the official launch of TRON public chain in June 2018, within just a year, the total number of accounts on the chain of TRON has exceeded 4.1 million and the daily average number of transactions is over a million, securing a place among the top three public chains in the DAapp ecosystem.”

Opera Introduces Bitcoin Payments to Its Browser

Web browser Opera has announced its latest update where users can transact and make payments in Bitcoin directly through its Android browser.

Bitcoin Payments with Opera

The new features have been successfully integrated following a beta phase announced in July 2019, which first allowed users to send and receive Bitcoin from its Crypto Wallet product, a wallet built into the Android version of Opera.

In addition to that, the browser supports TRON (TRX) transactions. Before the beta release, the Crypto Wallet only provided support for Ether (ETH) and other ERC-20 tokens. The addition of Bitcoin is a vital change as it better positions the browser to gain traction in the expanding Web 3.0 market.

Charles Hamel, head of crypto at Opera, commented on the new feature launch:

“We believe that opening our browser to more blockchains, including Bitcoin, is the logical next step to making our solution more relevant to anyone who has a Bitcoin crypto wallet and would like to do things with their cryptocurrencies beyond just keeping them in an account.”

Opera’s Android wallet not only supports Bitcoin transactions – it also allows users to make payment for goods and services. Opera users who have a Bitcoin credit/debit card associated with their funds can also connect it with the wallet and use it for making online purchases.

Opera Focusing on Web 3.0

Opera is in the race to gain a foothold in the web 3.0 market. The company has a wide portfolio with products that accommodate crypto-natives including the android browser, crypto-friendly iOS app as well as a desktop browser with native digital asset support.

Opera has also actively participated in the evolution of the web, with the creation of high-quality content around blockchain, decentralized computing and digital assets.

Opera’s market share has fallen behind in the past decade, with only 3% as of September 2019. The browser hopes to gain a competitive advantage with its web 3.0 efforts and contribute to the adoption of cryptocurrencies.

As Hamel previously claimed, the company aims to remove the friction involved in using cryptocurrencies online.

“The browser is the ideal candidate for integrating cryptocurrencies as it is the gateway to so many things in the user’s life,” said Hamel.

Tron and Tether Collaborate to Issue USDT as a Tron Token

Tether, the stablecoin which has seen its fair share of controversy, has partnered up with blockchain protocol Tron (TRX), with the aim to launch USDT as a native token on the Tron blockchain. The token is expected to be launched in the second quarter of 2019.

The anticipated token will represent one of the first major crossovers in cryptocurrency onto TRON’s establish network. With the issuing of the TRC20-based USDT will be fully compatible with TRON’s existing protocols including decentralized applications (DApps) and will allow for the transaction and exchange of fiat-pegged coins across the blockchain.

According to the press release, this project’s intention is to improve the experience of “enterprise-level partners and institutional investors,” giving them more flexibility in how they operate on the variety of features offered through Tron’s growing network.

Most recently, Tron CEO Justin Sun had announced the forthcoming roll out of a hard fork, which took place on February 28th, conceived to deliver institution-friendly functionality, alongside features such as multi-signature abilities and account management options.

Tron — which positions itself as a competitor to Ethereum (ETH) by coupling decentralized finance with a wider decentralized internet ecosystem — claims that the addition of USDT will thus “elevate its existing decentralised applications (DApps) ecosystem, improve overall value storage, and increase Decentralised Exchange (DEX) liquidity.”

Similar to the adoption of BitTorrent last year and the subsequent issuing of BitTorrent Tokens (BTTs), TRX is looking to expand its sphere of influence by integrating existing protocols onto its blockchain and network service.

Meanwhile Tether has been met with skepticism over the last year, as the cryptocurrency community has questioned the exact holdings of Tether and the 1:1 U.S. dollar backing that the company claims, however the company has been absent from the news of late. As such, partnering with TRON is both a way for Tether to regain some publicity in the space of cryptocurrency whilst also expanding its influence in the industry.

Currently, Tether holds is the leader in stablecoin use and transaction volume, however that market share could fall over the next year as more institutions enter the sphere. Particularly given the emergence of JP Morgan’s stablecoin and Facebook’s rumored imminent coin, Tether could be in a position of intense competition as digital assets continue to find favor among mainstream audiences. For TRON, USDT represents another tool in growing its brand of extensive digital services.