http://goo.gl/QN8Q01
Bulk Payments
Published at 06.01.2015 05:55:00
Greetings Miners,
We wanted to issue a formal statement clarifying our position on the Dogecoin withdrawal fees we recently implemented. For those unfamiliar with the recent change, we have added a a withdrawal commission taking place on Saturdays and Sunday's ranging from 20%-30% exclusively on Dogecoin withdrawals.
While this can be interpreted as a drastic change, it's important to understand that the end goal isn't to tax the user - it's simply to discourage Dogecoin withdrawals. We realize this isn't an ideal situation; however, recent improvements to our platform have minimized our overall Dogecoin liquidity. Given the recent block reward halving and the large volume of Dogecoin withdrawals we process, it has become increasingly difficult to keep up with demand.
To accommodate this recent change, we partnered with CryptoPay to offer completely free Bitcoin withdrawals. Bitcoin withdrawals are absolutely not subject to this commission and are being processed instantly. Additionally, we always have and still offer PayPal withdrawals which are only subject to PayPal's fees. We kindly ask users to note that we expect any queued PayPal withdrawals to finish processing this week.
In conclusion, we are trying to transition the bulk of our withdrawal volume away from Dogecoin and towards PayPal or Bitcoin. While we have every intention of continuing to offer support for Dogecoin withdrawals, we are simply unable to keep up when 80% of our volume can be attributed to Dogecoin.
Our developers are constantly working to expand our payout options and our most recent plans include offering credit card mass-pay solution. This feature will be implemented in collaboration with Wavecrest, a reputable company that also services Xapo.
We do apologize for any inconvenience and thank you all for your continued support.
Sincerely,
CoIntellect Staff
http://goo.gl/QN8Q01
