Poloniex, a popular cryptocurrency exchange under Circle, a peer-to-peer payment company, will be branching out into its own company called Polo Digital Assets, Ltd.
The goal here is for Poloniex to “focus on the needs of global crypto traders with new features, assets, and services,” reads a blog post on the matter. To ease the onboarding process, starting on October 21, the platform will offer 0% spot trading fees until the start of 2020. From there, it plans to continue “with highly competitive and creative pricing models for traders.”
From now on, Poloniex will spend around $100 million a year to improve its platform and expand it to more people around the world. That said, unfortunately, this expansion comes at the cost of its United States customers, which shouldn’t come as too much of a surprise, as the exchange was already winding down its US offerings with the removal of margin trading earlier this month, as BeInCrypto has previously reported:
“Beginning today, US persons will no longer be able to create new accounts on Poloniex. Starting on November 1, 2019, US customers will no longer be able to execute trades on the exchange. When trading ends, US customers will still be able to withdraw their assets through Circle until at least December 15, 2019.”
Poloniex was a part of Circle for just under 18 months, and the latter ensured that the former saw numerous improvements like USDC integration and customer service offerings, reads a blog post from Circle.
According to this second post, Circle simply couldn’t provide what Poloniex needs to grow into its full vision. However, on top of the dates mentioned above, United States citizens will be able to access their Circle wallets until December 15 of this year.
Detailing their own plans, the US-based Circle will be taking advantage of its recent purchase, SeedInvest, to help more businesses reach their fundraising goals and bring together the world with “an open financial system.”
What do you think about this break-off? Will Poloniex be able to expand better on its own? Let us know your thoughts in the comments below.
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