Poloniex opens OTC and institutional trading

05 Dec, 2018
by Alberto Arnaldo
Exchange
Poloniex opens OTC and institutional trading

The Delaware-based exchange has announced that institutional investors will be able to open an account on their business.

The service will be provided via Circle Trading, the company responsible for the emission and pegging of stablecoin USDC. Circle Trading bought Poloniex back in February 2018 for approximately $400 million US dollars. 

The minimum order size for over-the-counter (OTC) and institutional trading is set at $250.000 US dollars. Circle Trading will also be responsible for fulfilling the KYC (know your customer) requirements regarding the new institutional customers.

Poloniex is the 47th exchange by volume, at writing time. According to coinmarketcap, around $25 million US dollars were traded during the last 24 hours. With the inclusion of institutional customers, it follows the steps of Coinbase, which only 8 days ago announced the opening of a similar service.

Reactions to Poloniex announcement  on Twitter ranged from happines to a certain irony grounded perhaps in the latest price action.

Read more: Coinbase launches over-the-counter trading; Poloniex adds six new trading pairs for Circle's USD Coin

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Read more about: Poloniex

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