Poloniex Introduces New Crypto Institutional Accounts

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

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Poloniex Introduces New Crypto Institutional Accounts for Professional Investors

December 6, 2018

CirclePoloniex, the US-based digital asset exchange company has introduced a new type of account focusing entirely on institutional investors. Through the introduction of new accounts, it seeks to help professional investors to gain from the exposure to crypto assets using a regulatory compliant platform.

As per Poloniex, the new account provides a seamless connection to its infrastructure through dedicated APIs, enabling institutional operators to trade crypto assets while maintaining their existing user interface. The exchange has waived all trading fee on BTC/USD pair for the December month for its customers to promote the new account type. Also, users will able to purchase certain cryptocurrencies without incurring commission charges for a limited time period. 

The company issued a statement explaining the new account type:

“We offer higher withdrawal limits and professional customer support from a dedicated team of Account Managers in our Client Services department. Our highly trained team will guide each institutional customer through the on boarding process, coordinate issue resolution across multiple teams and support ongoing trading activities,” 

The new institutional account type will have a direct competition with established players like Coinbase’s GDAX. Recently, Poloniex had to temporarily pull down its legacy account users due to KYC verification process. It also had to pull down three listed tokens from its exchange as the exchange parent, Circle introduced new asset framework.

The Goldman Sachs backed Circle acquired Poloniex in a deal reportedly worth to be around $400 million.

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