The US-based cryptocurrency exchange, Poloniex, had previously allowed its users to perform margin trading and did not deal with fiat currencies. However, in a recent development, the Delaware-based cryptocurrency exchange platform has revealed enabling fiat to crypto trading on its platform. In doing so, users on its platform will be able to transfer funds directly from their bank accounts and use their debit or credit cards to purchase Bitcoin.
Its official announcement read,
“Poloniex customers can now fuel their crypto trading by depositing and withdrawing funds using cards and bank accounts.”
Poloniex has enabled direct deposit of funds from the customers’ bank accounts in over 80 countries. The official post further stated that customers will be able to withdraw USDC directly from their bank accounts. The team up with Simplex, who also happens to be a partner of the world’s leading crypto-exchange, Binance, will allow customers from over 60 countries to use their debit or credit cards to buy Bitcoin on Poloniex’s platform.
The regulatory climate in the US has prompted many crypto platforms to distance its dealings and operations from the region. To operate in compliance, Poloniex had previously delisted crypto-tokens for its US customers and had wound down its popular social payment app, Circle Pay. The recent blog post by Poloniex Team also read,
“We currently don’t support ACH transfers for US bank accounts”
In a note released on May 2017 during Poloniex’s days of unprecedented growth, the exchange stated,
“Since January, we’ve seen an increase of more than 600% active traders online and regularly process 640% more transactions than we did merely 4 months ago.”
Circle-acquired Poloniex sustained major setbacks over the past year. It was the first crypto-exchange to reach $1 billion in daily trading volume. However, it soon slipped in the rankings. And, even as Circle came to its rescue, the Goldman Sachs-backed global financial services company could not keep up with its former glory as one of the biggest platforms in the crypto realm.
With recent market rallies however, the exchange is on a path to recovery, even as its market share accounted for a mere 1.1%, when compared to biggies like Binance and Coinbase.