One of the leading digital currency exchanges Poloniex has added support for Steem and introduced trading pairs Steem/BTC, Steem/ETH and SBD / BTC on its platform.
 

With this, users of the exchange will be able to trade cryptocurrencies STEEM (STEEM Ticker) and Steem Dollar (Ticker SBD). In a short span, Steem has left behind Ripple and Litecoin and became the third largest cryptocurrency with its market capitalization around $385 million at the time of writing.

Earlier this month, Steemit, the blockchain powered social media platform, distributed digital currency payouts worth approximately $1.3 million to its user base. Half of the $1.3 million supply of Steem was handed out in Steem Dollars – a form of Steem worth roughly one US dollar, and half in Steem Power – a vesting currency that supercharges voting power on the platform.

Following beta launch in May, the platform recorded a 1600% growth in its user base from within a month. Steemit doubled again in the month from June to July.  On July 14, the market capitalization of the token Steem increased by 2700% and amounted to about $352 million. However, Steemit was soon hacked with 260 accounts compromised and nearly $85 000 in tokens Steem and Steem Dollars.  According to latest updates on the matter, Steemit users can now recover  their accounts.

Based in the United States, Poloniex is a leading cryptocurrency exchange offering over 100 Bitcoin (BTC) markets available for trading. Founded in January 2014, Poloniex offers a secure trading environment and provides advanced charts and data analysis tools to its customers.