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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