Circle, a payments firm backed by Goldman Sachs, has acquired US-based cryptocurrency exchange Poloniex.

The companies did not disclose the financial terms of the transaction.

“We’ve been privileged to get to know and collaborate with the Poloniex founders and their teams over the past several months as we contemplated this union and completed extensive due diligence together, and we learned that we share a similar perspective on the future as well as the same sharp sense of urgency about immediate needs and challenges,” Circle said in a blog post.

Poloniex, set up in 2014, said that the deal would help it scale its platform and strengthen global reach.

At the same time, the cryptocurrency exchange also committed to preserving its functionality.

“Looking to the future, we are excited to work with Circle to localise our product in more geographies, to explore options for fiat connectivity across major world currencies, and to continue providing our users with access to innovative token projects that extend cryptocurrency protocols to new use cases,” Poloniex said.