Jul 222 mins read

Circle Launches New Services for Institutional Clients on Poloniex

Peer-to-peer payment platform expands reach with new services for institutional investors

Circle Launches New Services for Institutional Clients on Poloniex

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Peer-to-peer payment platform Circle announced the opening of "institutional client" services on their cryptocurrency exchange Poloniex. Institutional investors can now submit new account registrations on the Circle website. In addition, Poloniex exchange customers can enjoy fee-free BTC/USDC trading services in December.

Since Circle announced the acquisition of Poloniex in February, the company has been expanding its reach. This includes entering the Asian market and launching the Circle USD coin (USDC), a stablecoin backed by the US dollar. Circle also introduced three cryptocurrency funds for small investors to diversify risks. Last month, Circle announced their founding membership in the "Global Digital Finance" (GDF) industry organization to create a global "code of conduct" for the cryptocurrency field.

According to data, Circle is preparing to provide a series of cryptocurrency trading products and services to institutional investors. These include:

  1. Over-the-counter trading services through Circle Trade
  2. Coin-to-coin trading and trading API interfaces through Poloniex
  3. USDC stablecoin transactions, allowing institutional users to exchange US dollars for USDC

Poloniex Exchange

For over-the-counter trading, Circle has set a minimum order amount of $250,000 or equivalent. Currently, the known tradable cryptocurrencies include Bitcoin, Ethereum, and Bitcoin Cash. The company has indicated that they will provide trading services for other digital assets as well. Additionally, Circle Trade supports fiat-to-cryptocurrency and cryptocurrency-to-cryptocurrency trading.

Circle has further explained that the new services will provide institutional clients with higher withdrawal limits and professional customer support. Circle is the second cryptocurrency exchange to specialize in providing services to institutional investors, after Coinbase. Recently, Coinbase also announced their plans to launch their OTC trading desk service in early 2019.