Major cryptocurrency exchange Poloniex announced on Tuesday that it now supports fiat-to-crypto trading, allowing customers to deposit and withdraw funds using bank accounts, as well as purchasing crypto on Poloniex with a debit or credit card, The Block reports.
Poloniex, acquired by Goldman Sachs-backed Circle for $400 million last year, has seen its market share sinking ever since the IEO days of 2018. As such, it’s likely adding this feature in an attempt to enhance its position in the market.
Additionally, the timing comes when the competition is increasing for the US crypto market. As Binance continues to develop its US offering, Binance.us, the market has a void that several exchanges are looking to fill. Bitstamp, for example, has recently launched a US base.
As per the announcement, deposits and withdrawals for its new fiat onramp are capped at $50,000 and $25,000 per week, respectively, for the time being.
In addition to upgrading its API, Poloniex is also touting the introduction of staking, making it the first exchange to offer daily stake rewards to holders of Cosmos ATOMs.
Poloniex recently delisted several tokens and announced that its payments application, Circle Pay was being shut down. Furthermore, as Chepicap reported, the company has also lowered the amount it’s looking to raise from $250 million to $150 million.