Circle Co-Founder Says Recently-Acquired Poloniex Exchange Will Expand In Asia

Payments technology company Circle announced it plans to hire up to 100 people in Asia to expand its recently acquired Poloniex cryptocurrency exchange, Bloomberg reports today, March 15.

In an interview in Hong Kong, Circle’s co-founder and CEO Jeremy Allaire stated that the company will be employing people to offer services in South Korea, Japan, China, and Hong Kong.

According to Allaire, the company, which raised $140 mln in venture capital from major investors including Goldman Sachs, Baidu, and investment bank China International Capital Corp., is looking to diversify its offerings on Poloniex in the future.

“The long-term view is that every form of value on the planet will become a crypto token,” Allaire stated, referencing what he sees as the continued proliferation of Blockchain-based tokens and cryptocurrencies.

Allaire also made it clear that Circle is looking to comply with regulators on a local level:

“We want to offer more markets, more assets, we want to localize it, and launch it in more international markets and, critically, we need to work with the most important regulators.”

According to Bloomberg, the US-based company does not plan to raise additional funds this year. However, Allaire stated that the company expects to be profitable “for a second year.

Founded in October 2013, Circle offers several products such as mobile payment application Circle Pay and Circle Trade, which reportedly sees over $2 bln per month in cryptocurrency trades. On March 13, the company announced the launch of its crypto investment platform Circle Invest, which is currently available to US citizens in 46 states.