Crypto exchange Poloniex now offers card and bank account transfers

Customers who need to settle the proceeds of trades can now redeem USDC seamlessly into their bank accounts.

Poloniex, the bitcoin and crypto exchange owned by Circle, announced today that users in over 80 countries can now transfer money directly to and from their bank accounts. Customers are also now allowed to use their debit or credit cards to buy bitcoin.

The process is set up so funds deposited are automatically tokenized into USD Coin (USDC). Likewise, customers can withdraw USDC directly into their bank accounts. The starting weekly limits are $50,000 for deposits and $25,000 for withdrawals, but these can be increased for specific customer needs.

The new feature currently does not support ACH transfers for US bank accounts, but can be done by wire deposits from verified accounts.

As mentioned, Poloniex has also partnered with payment-processor Simplex, so customers from 60+ countries can now use their debit or credit cards to buy bitcoin on the exchange. Simplex charges a 3.5% fee (or $10, whichever is greater), and customers can purchase as little as $50 worth of bitcoin.

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