Cryptocurrency exchange giant Poloniex announced on Tuesday, July 9, it will now allow fiat-to-crypto trading. This means customers can now directly transfer money and purchase crypto assets trading using debit and credit cards.
According to a report from The Block, the company’s recent introduction of the fiat connectivity comes as the competition heightens in the U.S. crypto exchange market. Just recently, Bitstamp, a cryptocurrency giant based in Luxembourg, launched its U.S. base, while Binance, the largest cryptocurrency exchange, has also rolled out a fiat-to-crypto gateway and is set to enter the country soon.
Poloniex’s fiat onramp is said to be capped at $50,000 and $25,000 per week. In addition, the digital exchange asset company is also currently working on its staking, making it the first in the industry to offer daily stake rewards to Cosmos ATOMs holders.
Aside from these developments, Poloniex has also recently partnered with CCXT, the premier crypto API trading library, in order to upgrade its API. Moreover, the cryptocurrency exchange giant has also relaunched its original forum for traders, the Trollbox.
As for it’s debit and credit card purchases, the Poloniex has partnered with the fintech payment processing firm Simplex. The recent deal will enable customers from more than 60 countries to engage in crypto purchases with a minimum of $50 worth of bitcoin and a 3.5% charge fee.
Founded in 2014 and purchased by Goldman Sachs-backed cryptocurrency finance firm Circle for $400 million last year, Poloniex has experienced a considerable collapse in its market share from the ICO heydays of 2018.
Earlier, Poloniex has delisted several tokens and shut down its payment application, Circle Pay. Moreover, the company has also been reported to have lowered the amount it was looking to fundraise from $250 million to $150 million.