Circle’s subsidiary company, Poloniex is a US-based cryptocurrency exchange that was launched in January 2014, they offer exchange services, margin trading, lending according to their online portfolio. The company announced in a tweet, it has upgraded services for its customers regarding the purchase of cryptos. Now users of their platform can purchase bitcoin using their debit and credit cards and the exchange also supports deposits or withdrawals of cryptocurrency into local bank accounts in over 80 countries.
The announcement bearing tweet reads: “New ways to buy crypto assets on Poloniex! Customers in 80+ countries can deposit or withdraw $USDC directly from their bank account. Customers in 60+ countries can now buy $BTC using their debit or credit card: https://t.co/WIhdScej5W —Poloniex Exchange (@Poloniex) July 9, 2019”
It has been hard for those in the crypto space to purchase cryptocurrency and be able to withdraw directly to their personal bank accounts in their indigenous currencies. Amid this difficulty, few other exchanges have tried making this easier by offering their users the ability to buy crypto with their cards and Poloniex has followed suit. This move will definitely boost trading activities.
Customers of the exchange can withdraw the USDC stable coin into their bank accounts as well as send fiat into their Poloniex and it can be converted automatically into tokenized USDC for trading, according to Poloniex. To make this possible, Poloniex has partnered with Simplex, a Payment Processor, to allow the users of the exchange to quickly and easily get in on cryptocurrency at a moment’s notice.
The downside may just be the Simplex charges of about 3.5% or $10 transaction fee. With an extension of this service to many countries, those with indigenous currencies of low values in comparison with the USD would be affected by this. However, buying more bitcoin or buying in large chunks would make the charges bearable.
A weekly limit of $50,000 for deposits has been pegged by the exchange and withdrawals, at $25,000. But it varies for specific customer’s need as typical with exchanges in this Fiat-to-Crypto category. In 2018, the company was acquired by Circle for $400 million. Currently, Poloniex is at an average of $55 million daily trading volume and ranked around 58- 60 on most top 100 charts.
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