AMA Recap — Poloniex
The session of AMA ( Ask Me Anything ) with Poloniex was conducted on 19 Sept 2022 at 4:30 PM IST (11 AM UTC) and lasted for 1:30 hours.
Kashif Syed from Poloniex has joined us for this AMA session.
Could you please tell us a bit about yourself and what you do at Poloniex?
My name is Kashis Syed and I’m the Growth Marketing Manager at Poloniex. I look after the developments, management, and partnerships in the Indian region. I have been working in this space since early 2017 and have been mostly into crypto and finance.
What are the advantages of using Poloniex comparatively and how does it differ from the competitors? Also share Poloniex’s milestones and future plan look like?
Yeah, there are major and important factors like poloniex is very simple to use and has a really interactive User interface. Our platform is really simple to use even if it’s for a beginner or an experienced trader.
We stand unique with our KYC process, by just signing up on our platform with your email you can withdraw up to $10,000 daily and from the second level, we ask for the documentation.
In our roadmap, we have different campaigns and partnerships from the Indian region. Like we already are closely working with Polygon, and Biconomy teams and we are looking for more projects as well.
Also, we have a dedicated channel like poloniexindia TG and Instagram channels for this region. Likewise, we have very special benefits and events weekly designed ready for Indian users.
Tell us about your global expansion plans in India and Globally.
Over the last 6 months, we are rapidly expanding in different regions like APAC, CIS, MENA, GC and LATAM.
Our major criteria are to serve an audience who has a great interest in the crypto market. For this expansion, we are organizing and hosting different events both online and offline in different regions, working closely with KOIs and partnering with the regional products for more exposure.
This goes same for the India as well, but we are also attending a Blockchain India Tour in different cities like Delhi, Mumbai, Hyderabad, Chennai, etc., organized by the Octaloop team. We are also in talks with different web3 communities and are looking for fiat gateway providers, particularly for the Indian audience. That’s how we are tapping our Indian users in different regions and languages.
Poloniex is one of the oldest cryptocurrency exchanges, How friendly is its interface and UX for beginners, or is it only for professional traders? How is it helpful for a new user in the crypto space?
Definitely, it’s not just for a professional trader. FYI we have recently updated our trading system with more speed, and Usability!
We have made some changes in the interface and mostly in the backend, It’s more reliable and fast now.
For a new user, I would suggest starting with our spot trading and for a professional, I would suggest trying out our futures platform which has a leverage of up to 50x.
For India, we have Simplex and credit card options to buy cryptos as of now. We have 24/7 support, through our website you can raise a ticket anytime you want. Our support will write back to you within no time.
There are always threats of hacking and bugs on the trading platforms, particularly crypto exchanges, What are the measures the poloniex team is taking against those threats?
Yeah, previously we use to have a Monolithic kind of backend where you dump all the data into one single server, it becomes difficult if there is any bug, we had to bring all the team members to solve it. But now we have divided it into microservices, Its more fast and within no time we can ask the responsible person to solve the issue, It also made our platform more secure and minimized the risk factor. Although our security team is constantly after the social threats and protecting our users and platform from various attacks.
However, to keep the funds safe we store the user funds in Cold Wallets, that’s how we make sure the safety of user funds.
Staking is one of the most attractive way that exist through the DeFi system where users generate passive income.#poloniex With that, can you tell us more about staking program and various ways through which users can participate in your staking program?
Yeah, actually we are backed by the TRON ecosystem, under this ecosystem we have many products like TRON, USDD, BTT, ATOM, etc., and these products have special benefits on poloniex.
You might know, TRON is one of the biggest ecosystems in the crypto space, Products related to the TRON ecosystem have a special Auto staking reward system, where you just have to hold funds in your poloniex wallet and you will get daily staking rewards for every 24hrs.
You don’t need to stake them, but just by holding in your wallet you can get staking rewards and you are open to withdrawal anytime.
I think Success of @Poloniex project also depends on how large the community is Do you have plans to spread awareness to both crypto users & non crypto users in the world Especially non-English speaking countries that may be restricted from accessing your project.
Yes, we are not just focusing on the English-speaking audience in India. We are walking toward But since we have different languages in India, we are reaching our audience through our KOIs, Community channels, and different events in India. Our motive is to educate non-crypto users as well. That’s why we are also planning to host events. and workshops in colleges as well. Hindi, English, and other regional languages like Tamil, Telugu, Malayalam, Punjabi, Marathi, etc.
What are your advantages over other exchange? Is it from a security standpoint or is it the technology you’re using? What are the other benefits of your exchange? Do you believe that your project is worth choosing?
Like I said we are live with a New Trading System which is live from the 1st of August. But we have enhanced our security, speed, and usability, and now we are way better than before.
We are one of the exchanges which have both flexible and KYC compliant. We offer services with very little fee and we also have a 0 trading fee for the 25USDD pairs and we are planning to have it for all the spot trading pairs.
To celebrate the launch of NTS we have designed a campaign worth of 1million$ and are live from August, that is how we try to benefit our users too!
What do you have?
1️- Telegram Group
2️- YouTube Channel
FOR this project , where can I get the latest information and what is the latest plan for your project?
We have every platform you mentioned, also you can follow us on our official Twitter and join the Indian Telegram channel for India-specific announcements and discussions.
We also have polopedia a medium page for learning things about crypto!!
Is your project a community only for English speaking an countries or for users not of other languages ?
No, we have both Hindi and English speaking channels, soon we are going to have more languages as well.
Are you a global project or a local project? Currently, what market are you focusing on, or is it focused on building and growing to benefit customers, users and partners?
To talk about India, We are looking for more regional products and partners to expand our services for the Indian audience. Not just that, we are also planning for different crypto and web3 events where we meet new people and explore more opportunities!
Do you plan to create NFT’S in your economy because it is the warmest tropics in the crypto space?
We have a sister company under the TRON ecosystem, where you can buy sell, and create NFTs, it's APENFT and you can check it on poloniex platform as well.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Kashif Syed from Poloniex. AMA Concluded at 6 pm IST.
CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017. We are a group of 29000+ telegram members and growing.