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Crypto Exchange Poloniex Rolls Out Institutional Platform

05 December, 2018
1 min read

Crypto exchange Poloniex, which was acquired by payments firm Circle earlier this year, has announced the launch of trading services for institutional clients.

"Institutions large and small can enjoy the benefits of our large curated selection of crypto asset trading pairs, dedicated support and robust API services," read Poloniex's press release, which added that BTC/USDC trades in the month of December will be commission free.

Circle and Poloniex join exchanges of the likes of Coinbase, which rolled out its institutional service back in May.

"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," the company explained. "Our highly trained team will guide each institutional customer through the onboarding process, coordinate issue resolution across multiple teams, and support ongoing trading activities."

Circle launched in September its USD Coin (USDC), which operates under a company established jointly with Coinbase. Circle released last month a report by public accounting firm Grant Thornton LLP, which confirmed its stablecoin is fully backed by U.S. dollar reserves. According to the report, which was signed on November 16, Circle had just under $127.5M backing the dollar-pegged USD Coin at the end of last month, a little over $3,400 more than the value of the tokens that had been issued at that time.

Blockchain cryptocurrency Circle Poloniex