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Poloniex opens its doors to institutional accounts; announcement comes after USDC pairings with XRP, LTC

Akash Anand

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Poloniex opens its doors to institutional accounts; announcement comes after USDC pairings with XRP, LTC
Source: Unsplash

The price drops among cryptocurrencies have been apparent with several major tokens also crumbling under the massive weight of the bear. In the midst of the market crash, Circle’s Poloniex has announced that institutional accounts will be available on the cryptocurrency exchange. In an official release, Poloniex announced that:

“We are excited to announce that institutional accounts are now available on Poloniex! Institutions large and small can enjoy the benefits of our large curated selection of crypto asset trading pairs, dedicated support and robust API services. Poloniex customers also enjoy no fees on BTC/USDC trades in the month of December.”

The company has also stated that the main aim of Poloniex is to meet the deep end needs of institutional investors and clients. Poloniex elucidated on the new feature by adding that higher withdrawal limits will be provided to the clients from a “dedicated team of Accounts Managers”.



Post the announcement, 51% Crew, a Redditor stated:

“Everyone left a long time ago for a reason. It literally took you 4-12 Months to answer a support ticket. Do you think an institution will put up with that kind of service for long? It took you 11 months to verify my account. Literally.”

Poloniex had also made news recently when USD Coin [USDC] trading against XRP, Litecoin [LTC] and Monero [XMR] was announced. The announcement was met with much excitement on the social media space, evidenced by Matther D Egelkraut, a Twitter using saying:

“FINALLY a “stable” currency to send back and forth between Coinbase Pro and Binance. Thank you!!! I’ll never forget the days of sending Litecoin from Binance to Coinbase, and having to wait 4 days! I didn’t sleep… Haha. But it all worked out.”





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Altcoins

Rabobank announces plans to drop its crypto-project

Sarvesh Kumar

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Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,



“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.





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