Crypto exchange Poloniex has just made an important announcement that will excite crypto enthusiasts. According to reports, the crypto exchange is set to begin offering trading services for institutional traders.
The exchange which was earlier acquired by payment firm Circle this year announced on Tuesday that it prepared to start offering institutional accounts. With this move, the crypto exchange will offer its customers different crypto trading pairs and API interfaces.
The exciting part about this development is that the company plans to provide customers with a no-fee transactions for all bitcoin/USD pair trades in December.
As part of its services, Poloniex in partnership with its new owners Circle will begin offering customers over the counter trading via Circle Trade. That’s not all. The crypto exchange also plans to offer trading services using the USDC stablecoin. This will provide its users with lots of trading pairs and options. Again, this new service offered by Poloniex will see firms looking to participate issuing a minimum order size of $250,000.
Now the big question is what should firms expect from this new service? Well, according to Circle, the exchange promise to offer institutional clients higher withdrawal limits while also providing them with professional customer support services.
Commenting on its decision to start offering this services, the company remarked that “Our highly trained team will guide each institutional customer through the onboarding process, coordinate issue resolution across multiple teams and support ongoing trading activities.”
This new move by the crypto exchange now means Circle and Poloniex have joined other top exchanges like Coinbase to offer trading services particularly designed for institutional traders. Also it is important to note that Coinbase had in May announced that it had begun offering USDC trading pairs and institutional services for institutional clients.
Notably, crypto exchange Coinbase has also kick-started an OTC trading desk, however, the platform is expected to go live next year.