Poloniex bank account payment methods launched! Poloniex, a cryptocurrency exchange, has added support for cards and bank accounts for crypto traders. This makes it easier and faster to move fiat on and off the exchange.
Announced via a blog post, Poloniex had previously been operating as a crypto-to-crypto exchange until now. This is the first time that Poloniex will offer fiat-to-crypto program.
Poloniex was acquired by Circle for $400 million in 2018. Since then, Poloniex has continued to lose market share to its competitors, including Coinbase. Other US exchanges such as Gemini, Bittrex, and Kraken have been ramping up their efforts to increase their customer base. Even international competition has heated up – Huobi and Bitstamp have established US operations. All have been aggressive in their pursuit of expanding their customer base, including Binance which just announced that they would halve the confirmation time for access to withdrawals and deposits on their platform – Poloniex has not been as aggressive.
Fiat integration changes the game – they seems to be aggressively reestablishing itself as a dominant force in the US crypto market.
Poloniex users who integrate their bank accounts will be able to deposit money which will automatically be tokenized to USD Coin (USDC). Users can withdraw USDC directly into their bank accounts. USDC is a stablecoin that is the product of development by Circle.
The exchange has also paired up with Simplex, an Israeli online payments firm, which will enable its users to purchase cryptos thorugh debit and credit cards. Simplex will allow consumers to purchase as little as $50.00 worth of crypto at a 3.5% fee. Users who purchase more than $300 dollars worth of crypto will only incur a flat $10.00.
This is tremendous news. It will be cheaper than ever to buy crypto with your fiat money.
What do you think of the Poloniex bank account payment methods? Do you think you’ll be using Poloniex to deposit fiat to buy crypto with their attractive rates? Let us know what you think on our Facebook page!
