How many secrets are hidden in Justin Sun's 'trading platform map' in the cryptocurrency space? The cards Poloniex and HTX, he played them with remarkable strategy.
First, let's talk about Poloniex. The fate of this long-established platform can be described as tumultuous. In 2018, Circle spent $400 million to acquire it, intending to make it a compliance benchmark, but ultimately could not withstand the market's turmoil. The turning point came in 2019 when Justin Sun entered the scene with capital power, pulling in an Asian investment consortium to separate Poloniex from Circle, and immediately deepening ties with TRON — TRC20-USDT, DeFi, exclusive trading zones, gradually pushing from the North American market to a global scale.
By June 2022, Justin Sun made a direct 'official announcement': he jointly acquired Poloniex with the Wave Federation and several institutions, and rebranded it as the 'TRON Trading Platform'. This move was crucial, as it filled the gap in the TRON ecosystem where a trading platform was lacking, forming a dual-driven pattern of 'public chain + trading platform'. Nowadays, Poloniex's daily trading volume of $500 million has firmly established its foothold.
On the other hand, in October of the same year, Justin Sun set his sights on Huobi. From knocking on the door as a global advisor, claiming he would inject significant capital into the HT ecosystem, to pushing for a complete overhaul of the executive team, the pace was dizzying. In the end, he invested $1 billion through Hong Kong Baiyu Capital (About Capital) to acquire equity in Huobi and became the actual helmsman.
Currently, Huobi remains firmly entrenched
as one of the top ten trading platforms globally, with a robust daily trading volume of $2.4 billion. The current price of the platform token HTX is $0.29, with a market capitalization of $47 million. Whether it can follow Justin Sun's pace for another surge is something no one dares to underestimate.
These two platforms, one old and one new, under the rhythm of layout in Justin Sun's hands, one averaging $500 million daily and the other $2.4 billion, supported Justin Sun's cash flow foundation in the trading platform sector. It must be said that in the cryptocurrency space, Justin Sun indeed has his own set of rules for playing with capital and ecology.
#JustinSun #Poloniex #HTX #Huobi
