Cryptocurrency exchange Poloniex has announced its users can now directly transfer money to and from their bank accounts.
Now, the exchange's clients in over 80 countries can deposit funds into Poloniex and have it automatically tokenized into USD Coin (USDC) for trading. Similarly, customers can withdraw USDC directly into their bank accounts, notes an official announcement.
The new feature became possible thanks to Simplex, a payment-processor, so customers from 60+ countries can use their debit or credit cards to buy bitcoin on Poloniex.
Simplex reportedly charges a 3.5% fee (or $10, whichever is greater), and customers can buy a minimum $50 worth of bitcoin (EXANTE: BTC.EXANTE).
Earlier iHodl reported that other crypto exchange Binance had entered a collaboration agreement with Simplex, in order to allow its users to buy crypto with credit and debit cards.
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