Financial services firm Circle have today announced that they are purchasing cryptocurrency trading platform Poloniex.

Though price details were not included in Circle’s official statement, a Fortune report puts the cost at a whopping $400 million. It also raises Circle’s profile as a cryptocurrency exchange, putting it on the heels of leading platforms Coinbase, Bittrex, and Kraken.

Backed by venture capital firms and investors such as Goldman Sachs, Circle is a peer-to-peer payment app which aims to make money transfers as simple and informal as sending a text or e-mail. Using blockchain technology, Circle is ‘on a mission to change the global economy’ by focusing on safe and free money transactions.