Circle’s strategy of becoming a one-stop crypto shop seems to be playing out as the company is leverage one business’s strength for the benefit of others. To promote and boost volumes of its stablecoin USDC, Circle is asking Poloniex removes trading fees for USD Coin (USDC), the exchange which it acquired in February 2018.
No more trading fees for USDC on Poloniex
As per the official post put forward by Circle on its official blog, starting November 8th through the end of November, Poloniex won’t be charging trading fees for all USD Coin (USDC) trades on Poloniex. The reason for this step, as per the blog, is to encourage new customers to experience trading USDC on Poloniex and to show appreciation for our current customers.
The company has led out this offer to its customers as it believes the customers have been patient with the company during the period when the company was working on enhancing Poloniex’s infrastructure and operations
Hence Circle has encouraged its existing customers and new customers, from now through November 30, to take advantage of this offer by starting to trade USDC on Poloniex. The current trading pairs on Poloniex for USDC are BCHSV/USDC, BCHABC/USDC, USDT/USDC (Tether), BTC/USDC (Bitcoin), and ETH/USDC (Ethereum).
USDC, launched in September, has already seen widespread adoption in the crypto ecosystem. More than 50 exchanges, protocols, platforms, applications and wallets have embraced USDC and trading volume, including Circle activity, continues to grow. The circulating supply of USDC has surpassed 130 million.
The post also states that consumers can also acquire USDC via Coinbase although it is silent whether this offer is extended to customers buying USDC via Coinbase. USDC is first and only stablecoin that has found place on Coinbase.
Circle, the Goldman-Sachs funded crypto investment vehicle, has been moving swiftly to become a dominant player in the crypto industry. It is progressing at top speed to attain the number one position in the crypto world. The company is slowly building its crypto ecosystem and is leveraging each of the business verticals well for the benefit of other. Circle, seems to be very close to its vision one of an open, global and connected digital economy built on crypto assets and blockchain infrastructure, as it now has its own stablecoin (USDC), a mobile investment platform (Circle), a proper cryptocurrency exchange (Poloniex), and even a crowdfunding aspect for startups (SeedInvest).
Do you think Circle will change the dynamics of the cryptocurrency industry and attain the numero uno position? Do let us know your views on the same.
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Divya Bhatia from Computer science background is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]