Did Justin Sun & Tron entered a partnership with himself?

Sahana Kiran
Source – Unsplash

The founder of Tron Foundation, Justin Sun shocked the ecosystem after he announced his role as a Diplomat for Grenada. Along with this announcement, he revealed that his presence in the crypto ecosystem would be limited. This further came as a surprise to many considering he was a hands-on founder of the Tron network. Nevertheless, despite his new role as a government official, Sun continued to make big developments in the crypto-verse. Adding to the fervor of his over-collateralized decentralized stablecoin, USDD, Sun decided to team up with crypto exchange Poloniex.

In a recent tweet, Sun revealed that Tron had entered into a strategic partnership with prominent crypto exchange Poloniex. With eight years of presence in the crypto market, Poloniex has a significant following and currently lists about 364 coins with about 522 trading pairs.

Source: Twitter

Through his Chinese Twitter account, Sun revealed that an array of investors came together in order to acquire Poloniex. As seen in the above tweet, they intend to serve Chinese-speaking users better with this acquisition. Justin Sun’s Poloniex will reportedly deliver increased innovative financial products accompanied by high-quality services. Along with this, the platform hopes to pave the way to a healthier and free trading environment.

Further shedding light on the reason behind his latest acquisition, Sun said,

“After 4 years of development, with the TRON blockchain as the core, many high-quality projects such as DeFi, NFT, and GameFi have been born. Now, to make the high-quality digital assets generated in these projects flow, people often ask me why I don’t have an exchange. A perfect blockchain ecosystem should be driven by public chain exchanges, and it’s time to bring Sun’s exchange.”

Didn’t Tron already acquire Poloniex? Not entirely

Back in 2019, Poloniex bid adieu to Circle and emerged as a platform of its own. Amidst this, rumors about Sun investing in the exchange began surfacing. Initially, Sun poured cold water on this and denied these rumors. However, during a live-stream Sun revealed that Tron was one among an array of investors that acquired Poloniex.

As a result, the latest announcement of his acquisition of Poloniex gave rise to comments about how Sun had signed a partnership with himself.

Additionally, back in 2019, he went on to affirm that the exchange was operated independently from the foundation. But now, Tron seems to have taken full control over Poloniex.