Poloniex is one of the oldest stock exchanges in the world. Founded in 2014 by Tristan d’Agosta, the platform changed owners several times: in 2018, it was bought by the fintech company Circle, and a year later, by a group of investors led by Tron creator Justin Sun.
Sean Scoville is the CEO of Poloniex. The exchange has been operating since 2018. In an exclusive interview for Cryplogger, he talked about what Justin Sun did for Poloniex, how users from the CIS stand out and whether bitcoin will cost $100,000.
forklog: Hello Sean! After four years at Poloniex, how would you describe her?
Sean Scoville: Good afternoon! I would say that this is one of the oldest exchanges that remains an innovator in the crypto industry.
We are the first to launch Tether (USDT), Ethereum (ETH) and Zcash (ZEC) trading. In 2017, Poloniex was the leader in token trading volume, and now it is in the TOP-25 crypto exchanges according to CoinMarketCap.
Initially, the Poloniex exchange worked in the US market, but in nine years it has become a truly international platform. We now serve millions of traders from hundreds of countries.
Our platform has seen many ups and downs of the crypto market. But under any conditions, the Poloniex exchange worked honestly and transparently, so we retained old users and attracted new ones.
forklog: In 2019, Poloniex was bought by Justin Sun. Did it affect the work of the exchange?
Sean Scoville: Yes, we have switched to the global market. Prior to this, the focus was only on countries with great investment experience like the United States.
Poloniex changed strategy and began to develop emerging markets. This decision has already borne fruit in the Asian region.
forklog: In other words, are you making Poloniex more user-friendly for new investors?
Sean Scoville: Yes, the exchange was created for professional traders, but now we are trying to lower the entry threshold and attract users with different trading experience.
In recent years, we have expanded the number of tools on the platform. Poloniex supports spot and margin trading, as well as perpetual contracts with up to 100x leverage. More than 300 coins in 450 trading pairs are available to users. In addition, we provide some of the lowest trading fees on the market and significant rebates for market makers.
We are completing testing of a new trading system that conducts hundreds of thousands of trades per second. After updating the core, users will receive more liquidity and an interface adapted for professionals and beginners. We also plan to add market orders for retail traders, more accurate charts for in-depth market analysis, and convenient conditions for margin trading and landing.
forklog: But many exchanges provide such tools. What is special about Poloniex?
Sean Scoville: We care about the privacy and security of user funds and invest in protecting them. For example, one of our core values is Vigilant Guardianship, an automatic risk warning system in cases of suspicious behavior of the participants in the transaction. It prevents account hacks and policy violations AML.
The team is trying to make the exchange convenient for users from different regions: the site and applications are localized by professional translators. We are also expanding our support team to be available 24 hours a day, seven days a week.
But the main thing that distinguishes Poloniex from other exchanges is our commitment to our customers. Exchanges come and go, but Poloniex remains a trusted company. The needs of our clients are above all for us.
forklog: What trends in the crypto industry do you consider the most promising?
Sean Scoville: DeFi and NFT are developing well and can be useful for a huge number of industries. NFTs are of particular interest because they have a wide range of applications.
Yes, much is now based on pure speculation. But the need to verify ownership of a digital asset will only increase in the future. This is connected, among other things, with the development of metauniverses, whatever forms they may take.
forklog: Does Poloniex follow trends?
Sean Scoville: Of course, we strive to provide users with access to advanced technologies and services, such as integration with leading NFT marketplaces. The first experience is already there – this is integration with the APENFT trading platform.
We offer top GameFi-, DAO- and Web3-tokens, including Axie, Filecoin, ApeCoin, Uniswap and others. To make DeFi more accessible to users, we partner with developers from leading industry ecosystems such as Fantom and Polygon.
Overall, it strives to enable people around the world to truly participate in the global economy and enjoy convenient financial services. To do this, we follow the trends and try to be the first in the listing of interesting new projects.
forklog: You mentioned entering the global market. What jurisdictions are your priorities right now?
Sean Scoville: At the moment we are focusing on the CIS countries and the Asia-Pacific region. Next, we want to expand our zone of influence in the Middle East and Latin America.
In each region, we create a local team that better understands the specifics of the local crypto community and its needs.
forklog: And what are the specifics of Eastern European communities?
Sean Scoville: These countries have a very heterogeneous client environment. On the one hand, there are many professional traders, on the other hand, there are many novice users who are looking for simple investment solutions.
For this reason, we are solving two problems: expanding the list of services and tools for professional clients and developing a training program for novice investors. Some lessons are already available on Polopedia – a platform for trading in financial markets.
forklog: Poloniex follows European sanctions in connection with the war in Ukraine? Do you have restrictions for users from Russia?
Sean Scoville: Personally, I am deeply saddened by what is happening in Ukraine. War is terrible and must be avoided at all costs.
However, Poloniex remains a neutral platform. We are committed to the idea of a decentralized global economy that transcends political boundaries.
On this basis, we continue to provide services to all users, including Russian citizens. Our legal team is monitoring the situation closely and will keep us informed of any changes we need to take into account.
forklog: Tell us more about Justin Sun and his investment in Poloniex.
Sean Scoville: His Excellency Justin Sun is one of the industry’s pioneers and a big fan of blockchain technology.
As Ambassador and Permanent Representative of Grenada to the World Trade Organization, he promotes cryptocurrencies and blockchain technology. He understands that everyone will benefit from the removal of barriers in the global financial infrastructure: crypto enthusiasts, ordinary people, businesses and entire countries.
For Justin Sun, Poloniex is a key component in the process of transforming the global financial system. Like Binance and BNB Chain, Poloniex and Tron together will develop each other.
forklog: What are your predictions about market dynamics? Do you believe in a $100,000 bitcoin in the near future, or is such a price unrealistic yet?
Sean Scoville: It is difficult to predict given the current situation. The market is affected by inflation, the war in Ukraine, rising interest rates and the fact that institutional investors perceive bitcoin as a tech stock.
In the short term, the price of bitcoin will fluctuate. Nevertheless, many projects receive significant funding, which means that the industry has potential.
It is unlikely that Bitcoin will be worth $100,000 in the near future, but within a few years the price will definitely skyrocket.
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Poloniex is one of the oldest stock exchanges in the world. Founded in 2014 by Tristan d’Agosta, the platform changed owners several times: in 2018, it was bought by the fintech company Circle, and a year later, by a group of investors led by Tron creator Justin Sun.
Sean Scoville is the CEO of Poloniex. The exchange has been operating since 2018. In an exclusive interview for Cryplogger, he talked about what Justin Sun did for Poloniex, how users from the CIS stand out and whether bitcoin will cost $100,000.
forklog: Hello Sean! After four years at Poloniex, how would you describe her?
Sean Scoville: Good afternoon! I would say that this is one of the oldest exchanges that remains an innovator in the crypto industry.
We are the first to launch Tether (USDT), Ethereum (ETH) and Zcash (ZEC) trading. In 2017, Poloniex was the leader in token trading volume, and now it is in the TOP-25 crypto exchanges according to CoinMarketCap.
Initially, the Poloniex exchange worked in the US market, but in nine years it has become a truly international platform. We now serve millions of traders from hundreds of countries.
Our platform has seen many ups and downs of the crypto market. But under any conditions, the Poloniex exchange worked honestly and transparently, so we retained old users and attracted new ones.
forklog: In 2019, Poloniex was bought by Justin Sun. Did it affect the work of the exchange?
Sean Scoville: Yes, we have switched to the global market. Prior to this, the focus was only on countries with great investment experience like the United States.
Poloniex changed strategy and began to develop emerging markets. This decision has already borne fruit in the Asian region.
forklog: In other words, are you making Poloniex more user-friendly for new investors?
Sean Scoville: Yes, the exchange was created for professional traders, but now we are trying to lower the entry threshold and attract users with different trading experience.
In recent years, we have expanded the number of tools on the platform. Poloniex supports spot and margin trading, as well as perpetual contracts with up to 100x leverage. More than 300 coins in 450 trading pairs are available to users. In addition, we provide some of the lowest trading fees on the market and significant rebates for market makers.
We are completing testing of a new trading system that conducts hundreds of thousands of trades per second. After updating the core, users will receive more liquidity and an interface adapted for professionals and beginners. We also plan to add market orders for retail traders, more accurate charts for in-depth market analysis, and convenient conditions for margin trading and landing.
forklog: But many exchanges provide such tools. What is special about Poloniex?
Sean Scoville: We care about the privacy and security of user funds and invest in protecting them. For example, one of our core values is Vigilant Guardianship, an automatic risk warning system in cases of suspicious behavior of the participants in the transaction. It prevents account hacks and policy violations AML.
The team is trying to make the exchange convenient for users from different regions: the site and applications are localized by professional translators. We are also expanding our support team to be available 24 hours a day, seven days a week.
But the main thing that distinguishes Poloniex from other exchanges is our commitment to our customers. Exchanges come and go, but Poloniex remains a trusted company. The needs of our clients are above all for us.
forklog: What trends in the crypto industry do you consider the most promising?
Sean Scoville: DeFi and NFT are developing well and can be useful for a huge number of industries. NFTs are of particular interest because they have a wide range of applications.
Yes, much is now based on pure speculation. But the need to verify ownership of a digital asset will only increase in the future. This is connected, among other things, with the development of metauniverses, whatever forms they may take.
forklog: Does Poloniex follow trends?
Sean Scoville: Of course, we strive to provide users with access to advanced technologies and services, such as integration with leading NFT marketplaces. The first experience is already there – this is integration with the APENFT trading platform.
We offer top GameFi-, DAO- and Web3-tokens, including Axie, Filecoin, ApeCoin, Uniswap and others. To make DeFi more accessible to users, we partner with developers from leading industry ecosystems such as Fantom and Polygon.
Overall, it strives to enable people around the world to truly participate in the global economy and enjoy convenient financial services. To do this, we follow the trends and try to be the first in the listing of interesting new projects.
forklog: You mentioned entering the global market. What jurisdictions are your priorities right now?
Sean Scoville: At the moment we are focusing on the CIS countries and the Asia-Pacific region. Next, we want to expand our zone of influence in the Middle East and Latin America.
In each region, we create a local team that better understands the specifics of the local crypto community and its needs.
forklog: And what are the specifics of Eastern European communities?
Sean Scoville: These countries have a very heterogeneous client environment. On the one hand, there are many professional traders, on the other hand, there are many novice users who are looking for simple investment solutions.
For this reason, we are solving two problems: expanding the list of services and tools for professional clients and developing a training program for novice investors. Some lessons are already available on Polopedia – a platform for trading in financial markets.
forklog: Poloniex follows European sanctions in connection with the war in Ukraine? Do you have restrictions for users from Russia?
Sean Scoville: Personally, I am deeply saddened by what is happening in Ukraine. War is terrible and must be avoided at all costs.
However, Poloniex remains a neutral platform. We are committed to the idea of a decentralized global economy that transcends political boundaries.
On this basis, we continue to provide services to all users, including Russian citizens. Our legal team is monitoring the situation closely and will keep us informed of any changes we need to take into account.
forklog: Tell us more about Justin Sun and his investment in Poloniex.
Sean Scoville: His Excellency Justin Sun is one of the industry’s pioneers and a big fan of blockchain technology.
As Ambassador and Permanent Representative of Grenada to the World Trade Organization, he promotes cryptocurrencies and blockchain technology. He understands that everyone will benefit from the removal of barriers in the global financial infrastructure: crypto enthusiasts, ordinary people, businesses and entire countries.
For Justin Sun, Poloniex is a key component in the process of transforming the global financial system. Like Binance and BNB Chain, Poloniex and Tron together will develop each other.
forklog: What are your predictions about market dynamics? Do you believe in a $100,000 bitcoin in the near future, or is such a price unrealistic yet?
Sean Scoville: It is difficult to predict given the current situation. The market is affected by inflation, the war in Ukraine, rising interest rates and the fact that institutional investors perceive bitcoin as a tech stock.
In the short term, the price of bitcoin will fluctuate. Nevertheless, many projects receive significant funding, which means that the industry has potential.
It is unlikely that Bitcoin will be worth $100,000 in the near future, but within a few years the price will definitely skyrocket.
Subscribe to the Cryplogger channel at YouTube!
Found a mistake in the text? Select it and press CTRL+ENTER
