Poloneix, a subsidiary of Circle, has announced new institutional accounts that offer a number of exclusive trading services. The long list of services offered includes a curated selection of crypto asset trading pairs, dedicated support, and robust API services.
Despite the current falling of Bitcoin (BTC) and altcoin prices, the crypto market has managed to keep institutional investors enticed. Poloniex, which merged with the financial services company, Circle, in February this year, currently ranks 47th in the world among crypto exchanges by trade volume.
In an effort to increase the trading volume, Poloniex plans to eliminate fees on BTC/USDC trades this month. Elimination of fee on the BTC/USDC pair can add to the number of users trading with the USD Coin. Additionally, Circle Invest is offering free cryptocurrency rewards for new investors in the month of December.
Poloneix’s plans for the platform
The reason behind Poloniex’ initiative is to help professional investors of different sizes gain exposure to crypto assets via a compliant platform, although those using the new service will be subject to a minimum trade of $250,000. By using a seamless connection to infrastructure through dedicated APIs, Poloniex enables institutional operators to trade crypto assets while maintaining their existing user interfaces.
The exchange said –
“Poloniex is focused on meeting the advanced trading needs of institutions. 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.”
Poloniex’s team aims to lower the barrier to adoption for institutional investors by offering step-by-step support for onboarding and issue resolution, as well as including higher withdrawal limits for accounts.
The move will allow Circle and Poloniex to compete against other leading crypto exchanges, which are becoming increasingly focused on institutions.
Other Exchanges Aiming To Gain Institutional Investments
Many Digital currency platforms are working on the creation of necessary infrastructure to draw the attention of institutional and wealthy investors.
Coinbase is one of the latest exchanges to target institutional investors. One of the world’s leading digital currency exchange, Coinbase, recently launched an over-the-counter trading desk that enables customers to benefit from lower volatility. The new service allows not only “trade on a proprietary basis,” but also “match client orders,” which results in lower fees and lower settlement times.
The Intercontinental Exchange (ICE) is planning to release Bakkt platform. The Bakkt platform is backed by such corporate heavyweights as Microsoft and Starbucks. Bakkt is described as “scalable on-ramp for institutional, merchant, and consumer participation in digital assets by promoting greater efficiency, security, and utility,” and is expected to be a revolutionary solution for the whole cryptocurrency world.
In addition to industry giants such as Coinbase, non-crypto entities, including Fidelity Investments and Intercontinental Exchange, have signaled a commitment to serving the crypto sector as well. A report in October revealed that institutional investors were the largest buyers of crypto transactions over $100,000, replacing high net worth individuals at the top of the chart.