Veteran cryptocurrency exchange Poloniex has unveiled a new feature allowing users to buy crypto assets directly with fiat currencies, aiming to regain its shrinking market presence.
Direct Fiat Purchases Now Available
On July 10, Poloniex announced users can now purchase cryptocurrencies via bank transfers or debit/credit cards. This eliminates the need for intermediary platforms when converting fiat to crypto.
Key highlights:
- 80+ countries supported for bank-account deposits auto-converted to USDC (Circle’s USD-pegged stablecoin).
- Weekly limits: $50,000 deposit** / **$25,000 withdrawal, adjustable per user needs.
- Card payments via Simplex incur a 3.5% fee (min. $10) for Bitcoin purchases ≥$50.
"For purchases under $300, fees may exceed 3.5%. To lock in the minimum rate, buy Bitcoin in increments above $300."
Expanded Trading Pairs
Poloniex simultaneously launched 7 new trading pairs:
- USDC markets: EOS, DASH, ETC
- USDT markets: BCHSV, BCHABC, GRIN, DGB
Selection criteria included:
- Compliance with Circle Asset Framework (technology, team, business model).
- Market dynamics and community alignment.
Competitive Landscape
Amid fierce U.S. market competition, Poloniex—acquired by Circle in 2018 for $400M—faces pressure from:
- Bitstamp expanding U.S. operations.
- Binance preparing a U.S. launch with Simplex integration.
Recent initiatives to boost engagement:
- Relaunched Trollbox trader forums (June 18).
- Pioneered daily staking rewards for Cosmos (ATOM) holders.
Despite regulatory hurdles (including delisting 9 tokens for U.S. users), Circle continues backing Poloniex’s updates.
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FAQs
Q: Which countries support fiat deposits?
A: Over 80 countries, with bank-account funding auto-converted to USDC.
Q: What are the fees for card purchases?
A: 3.5% or $10 (whichever is higher) via Simplex for Bitcoin buys ≥$50.
Q: How does Poloniex select new trading pairs?
A: Rigorous evaluation of technology, team credentials, and market demand using the Circle Asset Framework.