Poloniex Adds Fiat On Ramp As Circle Launches Circle Research - Bitsonline

Poloniex Adds Fiat On Ramp As Circle Launches Circle Research

Circle has announced the launch of Circle Research on the same day its subsidiary Poloniex launched fiat on and off ramp capabilities through USDC for people from over 40 countries around the world.

Also see: Could the Widespread Adoption of Bitcoin Decrease its Value?

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Circle Research to Start With Analyses of EOS, Cardano, and Qtum

Circle Research will release weekly crypto news insights, aiming to give readers “a look at key crypto industry news, insights and a succinct performance summary with charts examining the crypto market at large over the past week”.

They begin with primers on EOS, Cardano, and Qtum, offering outlines of the “details, features, risks, and challenges” relating to those specific crypto assets. Future primers will examine other coins.

Poloniex Gets a New App and a Makeover

Poloniex has released a new iOS and Android app, which offers users an enhanced verification and login process. Boston-based Circle acquired Poloniex earlier this year in a move seen as the startup’s efforts to ramp up its presence in the crypto and global payments ecosystem. The company is backed by Goldman Sachs, Bitmain, and a number of other institutional investors.

Poloniex has also begun the process of listing new coins and delisting others. EOS, SNT, KNC, BAT, LOOM, QTUM have all been added, while 18 cryptocurrencies have been removed from the trading platform. One such coin is bitcoin dark (BTCD), as its developers turned their attention to Komodo (KMD), leaving the BTCD blockchain unusable and unreliable.

They have also invested a significant amount of money improving Poloniex’s technical and customer support facilities, which had been major complaints dogging the exchange in the past.

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USD Circle, Fiat Capabilities Added

Having also invested heavily in meeting regulatory requirements, Poloniex now offers the ability for customers from over 40 countries around the world to buy and sell digital assets with direct fiat deposits and withdrawals. This comes within a week of USDC being released and listed on Poloniex. USDC is a fully-collateralized stablecoin competing against the likes of Terra, the Gemini dollar, and Tether.

The company is clearly gunning for Bakkt, set to open in early November, as well as giants Coinbase and the Square payments app. With seamless fiat on and off ramping capabilities via the use of USDC, the Circle/Poloniex combination is set to become a significant player in the crypto and payments market.

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Circle Wants a Fully Rounded Financial Ecosystem

There are further plans afoot for the expansion of USD Circle, too. Per Circle’s blog post:

“Circle is being adopted by dozens of ecosystem partners, and through the CENTRE consortium will also be issued by other leading fintech and crypto companies over time.”

Following on from its acquisition of equity crowdfunding platform SeedInvest last week, the company’s stated aim is to:

“…build a multi-sided marketplace where businesses, and eventually even individuals, can tokenize assets and financial contracts, issue, distribute and execute them on public blockchains, and trade and exchange them on an open, global and high quality marketplace.”

Circle, with its phrase “the new shape of money”, is fast becoming a giant in the crypto, equity funding, and payments solutions space.

Have your say. Will the Goldman Sachs-backed startup challenge Coinbase and Square in the near future?


Images via Pixabay, Circle

Disclosure: The author owns a stake in the company discussed.

 

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