Poloniex realized the possibility of crypto-fiat trading and deposits from bank cards
This Tuesday the Poloniex Cryptocurrency Exchange announced the addition of crypto-fiat trading to its platform. From now on, Poloniex users will be able to deposit and withdraw funds through their bank accounts, as well as purchase cryptocurrency assets from debit and credit cards.
Founded in 2014, Poloniex was acquired by Cirlce last year. Previously, the exchange, which served exclusively the cryptocurrency trading, lost its position against the backdrop of the decline of ICO, notes The Block.
The launch of the Poloniex crypto-fiat trade takes place at a time when competition among American crypto-platforms is intensifying. Bitstamp and Binance recently announced their entry into the US market.
At the stage of launching the new functionality, Poloniex will limit the amount of available for input and output of fiat funds to $50,000 and $25,000 per week, respectively.
Realization of bank cards support became possible due to Poloniex cooperation with Israeli payment company Simplex. Simplex allows you to make deposits from $50 and charges a commission of 3.5% (minimum $10) for your services.
In June, Poloniex announced that it would impose a loss of 1,800 BTC due to a lack of margin positions after a sharp decline in the CLAM token, on users who provided funds to open such positions.
Now Poloniex is small exchange, what do you think - will fiat feature help them to grow? or poloniex is in the past?
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