Justin Sun, the Founder and CEO of Tron, would be investing in Poloniex, a Cryptocurrency trading platform’s new digital venture, according to rumors. The speculation was the main reason for the price of Tron Token to rise up by 5% in the 24-hour trading day.
According to Coin Market Cap, a leading cryptocurrency analyst, Tron is priced at $0.015 with a market cap of over $1 billion, a press time.
In a blog post on Poloniex websites, the company announced that it would be forming another company called Polo Digital Asset and is looking for new investors. The post also stated that the new company is looking to spend over $100 million for the expansion and development of its new platform.
According to employees of Circle, Justin Sun would be one of the backers of the exchange’s new venture. There has been no confirmation from either Justin, Tron, Circle or Poloniex regarding this investment.
Tron had witnessed a 5% rise in price even when the entire cryptocurrency market has been stagnant, according to Coin Market Cap