Starting any cryptocurrency journey begins with a single exchange, trade or transfer from fiat to crypto. Since the experience differs from that of traditional currencies, many users are often presented with a steep learning curve to begin buying, storing and trading digital assets. This finding resulted in several exchanges that were able to capture market share in the early trading days with basic functionality tailored to new users. However, as the industry and users themselves have evolved, offerings have fallen short in adapting their products to meet the changing needs of their customers. And this reality has only become more prevalent in the rapidly evolving cryptocurrency industry we find ourselves in today.
Therefore, for blockchain and cryptocurrency to continue existing in the future, platforms must revolutionize the experience to be human-centric and tell a story worthy of continued adoption. Aiming to continue evolving the cryptocurrency experience is Poloniex. This cryptocurrency exchange is both trusted by the industry and intuitive for users, with functionality that is tailored to those of all experience levels.
Poloniex has proved its resilience, successfully coming out of eight years of continuous ups and downs, not unlike the cryptocurrency market at large. Established on Jan. 18, 2014, the Poloniex exchange became a leading exchange within the first three years of its existence, later being acquired and now under the leadership of H.E. Justin Sun. And Jan. 18, 2022, marks Poloniex’s 8th anniversary. On the heels of this exciting achievement, the team has made it their mission to upgrade their trading platform, redefine their mission, and improve the existing trading experience for all of their customers.
Expanding global footprint after acquisition
To continue providing an experience fitting of a legacy exchange, Poloniex has set out to “keep growing in order to adapt to the ever-changing market and reinvent itself as a fresher and more versatile player in the field of crypto exchanges.”
Although the platform’s focus remains on premium assets, the acquisition by H.E. Justin Sun, the CEO of BitTorrent and founder of TRON (TRX), is said to unlock additional opportunities, perhaps the most notable being internationalization and growing the exchange’s market share.
In the past, Poloniex has mainly focused on mature markets such as the United States, but now it has shifted its focus to emerging markets. Looking at Poloniex’s recent history, it has made a lot of efforts towards globalization. For example, in order to better serve local users, it has established local teams in Singapore, Malaysia, Hong Kong, Russia, etc. Futures trading and other financial products were also launched to meet the needs of local users.
And Poloniex's efforts have paid off, garnering it a place as an important player in emerging markets, with a growing user base and leading market shares in countries like Russia and Malaysia.
At present, Poloniex has more than 4 million registered users, and the average daily transaction volume in 2021 exceeded $100 million. It is also listed among the top 20 exchanges, according to CoinMarketCap.
This shift, which has led to expansion into emerging markets, has become the team’s key driver in transforming Poloniex into a first-rate exchange through a major brand refresh.
Revitalizing the brand
The brand refresh is defined by four key components: an upgraded brand, a refactored trade engine, improved user experience, and a refined global marketing strategy. Although eight years old, the brand is looking to showcase a fresher spin on its pillars of passion, perseverance and prosperity to ensure the trading experience for users continues to exceed expectations.
Accompanying the new face of the exchange is a refactored back end. The trade engine is said to include a memory-based matching engine that will increase processing speeds for over a million messages while simultaneously supporting horizontal scaling and delivering a performance of 100,000 transactions per second (TPS). System upgrades will also include a trading API that lowers key trading interfaces to less than 50 ms.
Tying these adjustments together is Poloniex’s continued focus on user experience (UX), with a simpler user interface (UI) and several new features, including market order, optimized candlestick charts and other technical indicators on the trading app, as well as additional support for what will be a total of 12 languages. With these features being placed on the upgraded back end, higher scalability and faster iterations are included in the list of proposed outcomes. Accompanying the team’s targeted marketing efforts, the focus on UI is said to greatly advance Poloniex’s global footprint.
An emerging strategy
As Poloniex already has strong recognition from user groups as one of the most secure solutions globally, users can expect that their experience remains a top priority. As the team continues to look out to 2022, their plans to cater to emerging markets have become increasingly clear, with efforts being focused on the Commonwealth of Independent States, the Asia Pacific, Latin America, the Middle East and North Africa, alongside new token listings and growth managers to work with these communities specifically.
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