American payments company Circle this Monday announced the transfer of most of its cryptocurrency exchange operations to offshore jurisdictions, which will allow it to expand the scale of its service..
Poloniex Expands List of Cryptocurrencies and Services for Users Outside the US
As explained by CEO Circle Jeremy Aller, 70% of Poloniex users live outside the United States – from now on they will served by the Bermuda division of the exchange.
“Europe and Asia are quite important markets for us,” he said, noting that the USDC stablecoin is particularly popular among Asian traders. “The lack of a regulatory framework significantly limits the scope of services that we can provide to individuals and businesses in the United States.”.
IN this year Circle has laid off about 30 employees to ensure “cost-to-market”. According to Aller, over the next two years his company intends to hire the same number of people to expand globally, possibly to other positions.
“One of the important projects for us was the creation of an international hub for market, exchange and wallet services,” he explained. – We for a long time worked with the authorities and the Bermuda Monetary Authority “.
In the future, Poloniex intends to expand the list of assets available to users outside of the United States, as well as add new services that the startup previously could not provide in the American jurisdiction. Aller declined to clarify which products could be launched in the future, only noting that users can expect an expansion of the range of staking services similar to those in present time are already available for the Cosmos and Stellar cryptocurrencies.
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