US-licensed crypto exchange Poloniex has introduced a new account type focused squarely on the institutional investors. The company has also waived all December’s trading fee on the BTC/USDC instrument for its customers.
The new service seeks to help professional investors, large and small, gain exposure to crypto assets using a compliant platform. The institutional accounts, Poloniex says, features a seamless connection to its infrastructure through dedicated APIs, thereby enabling institutional operators to trade crypto assets while maintaining their existing user interfaces.
Also, they will be able to purchase certain cryptocurrencies without incurring commission charges, though for a limited time, in what could be a similar pattern to what stock trading app Robinhood currently offers.
“We offer higher withdrawal limits and professional customer support from a dedicated team of Account Managers in our Client Services department. Our highly trained team will guide each institutional customer through the onboarding process, coordinate issue resolution across multiple teams and support ongoing trading activities,” the company further explained.
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More Competition is Coming
Poloniex has recently put a temporary hold on its legacy account users as the Delaware-based platform is implementing a new know your customer (KYC) verification process. The exchange started last year to implement an identity verification process for all its new registrants.
Poloniex also announced a list of three digital coins that were taken down from the trading platform after the exchange owner, Circle, recently implemented a new asset framework.
It is rumored that the actions of the exchange are dictated by pressure from the US regulators after the firm was acquired by Goldman Sachs-backed Circle. Poloniex was recently the subject of news blasts after Circle acquired the cryptocurrency exchange in a deal reportedly worth $400 million.
Poloniex’s new offering will also be going up against established players like Coinbase’s GDAX as the move to appeal to institutional investors is the latest such effort from players within the cryptocurrency industry.