Poloniex, 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.