Poloniex, the American crypto exchange, has announced new features for its customers. Now, users can deposit and withdraw funds with cards and bank accounts.
In an official Medium post, the Poloniex team explains two new ways of moving value on and off Poloniex. Customers may choose to “directly transfer money to and from their bank accounts.” Or they can buy BTC with their debit and creit cards.
“By connecting bank accounts, customers in over 80 countries can now deposit money into Poloniex and have it automatically tokenized into USD Coin (USDC) for trading. Similarly, customers can withdraw USDC directly into their bank accounts, ” the post says.
According to Poloniex, this automatic tokenization gives their traders “an edge, especially for traders who use multiple exchanges for arbitrage opportunities.
The exchange has set certain limits. The weekly limit for deposits is $50,000; $25,000 for withdrawals. However, these are subject to reviewal should the customer have different needs. Concurrently, Poloniex acknowledges that it currently “doesn’t support ACH transfers for US bank accounts.”
The company also notes that it has partnered with payment-processor Simplex. This move allows traders from 60+ countries to use their debit or credit cards to buy bitcoin on Poloniex. Traders will have to pay a 3,5% fee (or $10, whichever is greater).
Previously, Altcoin Buzz reported that Poloniex users threatened to take the exchange to court because of a CLAM Flash Crash.