New mobile apps, service and infrastructure improvements, asset listings and fiat connectivity for Poloniex

Team CircleOctober 09, 2018

As part of our commitment to offer the best customer experience possible, today we are announcing a new mobile app for Poloniex to allow existing customers, on iOS or Android, to trade with a few taps of their thumb and get the benefit of Poloniex anywhere, anytime and with a high-fidelity native app trading experience.The new app is localized and available in 9 languages.

In addition to trading, the new app includes a better mobile-based identity, verification and login process. You can learn more about the new app here or download it here (for iOS) or here (for Android). We look forward to hearing what you think!

Beyond this new mobile app release, Circle has been busy making major investments in Poloniex over the past months since acquiring the company, and we wanted to share more details on the progress we’ve made.


Service & infrastructure improvements

Back in February, we promised we’d bring the expertise, dedication, and technical skills of Circle to bear to help with Poloniex’s continued growth. We also said we’d bring new, meaningful crypto assets to Poloniex, including launching a high-quality fiat on and off ramp, while also ensuring that we’re operating a highly compliant exchange, which is crucial in what is an increasingly regulated environment for crypto asset markets.

We’ve made significant progress on all of these. Below is a snapshot of some of the improvements we’ve made. We know we still have a long way to go in restoring Poloniex’s leadership position and we are dedicated to continuous improvement in the coming months and years.

When we acquired Poloniex, the company had experienced dramatic growth which had strained their infrastructure and operations, and left hundreds of thousands of customers with a poor service experience. We immediately began to focus on improving that experience including having:

  • Reduced the backlog of support tickets by 97% with a goal to resolve all outstanding tickets by the end of the year. Many of these tickets have involved making significant technical and software improvements to Poloniex infrastructure.
  • Invested in Customer Support capabilities, including responding to more than 80% of new inquiries same-day, and resolving open tickets in half the time as was done previously.
  • Bolstered our crypto asset storage and wallet infrastructure, which has dramatically improved deposit and withdrawal reliability, which was a very common customer issue.
  • Liberated $12 million in trapped funds back into customer wallets.
  • We also took steps to keep abreast with the evolving regulatory environment, leading us to announcing that we’re going to be removing our margin and lending products for US-based customers.
  • We’ve rebuilt our customer onboarding and identity verification process, leading to a much more seamless and fast onboarding and verification experience.

High quality asset listings

We also want to ensure that Poloniex is a marketplace of high-quality projects and assets, and have taken a number of steps to improve our asset listings. Our focus is on quality not quantity, curating what we feel are the best projects, teams and technologies in the crypto asset marketplace, while also operating within the bounds of securities and commodities laws in the markets where we operate. Through this focus we have:

  • Created the “Circle Asset Framework” to provide developers, the market and ecosystem with a clear articulation of the criteria we are applying in evaluating listings in our products.
  • Listed 6 new assets (EOS, SNT, KNC, BAT, LOOM, QTUM) and added a new fiat stablecoin, USDC (more on that in a minute).
  • Delisted 18 assets (more on our delisting policy here) that did not meet the criteria of the Circle Asset Framework.
  • Improved our API to allow for private real-time updates of customer positions and orders

Circle USDC & fiat on and off ramp

Last week, we introduced USDC markets on Poloniex, enabling fiat trading against a core set of asset pairs. Using the Circle USDC service available on Circle.com, customers can now tokenize dollars for USDC, and redeem USDC for dollar bank wires using bank accounts from 40 countries. This new support for USDC on Poloniex opens up direct fiat connectivity and liquidity with a high-quality customer experience provided by Circle. USDC 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.

The future

We have an ambitious vision for the future of Poloniex that is anchored in our belief that tokenized assets will take on a larger and larger role in our economy. As we announced last week with the acquisition of SeedInvest, we want 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.

Between here and there we have a ton of work to do and are focused on continuing to improve the speed and quality of our customer experience, adding more features for institutions, expanding the crypto asset markets that we support, and continuing to invest in global customer support operations. We're also continuously working to ensure we have appropriate regulatory licences in place to facilitate and expand the range of products and markets that we can offer on Poloniex.

We are also humble and know we need constant improvement. As customers of Circle and Poloniex, we are both thankful for your business and hopeful that you can continue to provide us with feedback and input on how we can improve our products.

The Poloniex Team