Bittrex Crypto Exchange Adds Siacoin (SC) USD Trading Pair Market to Platform
Bittrex, the Seattle based crypto exchange will introduce a USD trading pair for the Sia Coin. Sia (SC) is a decentralized storage platform, which is powered by the blockchain. It leverages underutilized hard drive space. The trading pair will be released to qualified investors on October 29. The announcement was made via a tweet that offered a link to the main article on the announcement.
Details Of The Announcement
According to the announcement, the SC/USD trading pair is going to start on Monday, October 29. Fiat trading in only offered to retail investors in 26 states and territories of the US. These are Arizona, California, Georgia, Kansas, Indiana, Massachusetts, Michigan, Florida, Colorado, Mississippi, New Mexico, Pennsylvania, Washington State, West Virginia, Arkansas, Iowa, Kentucky, Missouri, Montana, New York, Oklahoma, Oregon, Puerto Rico, South Dakota, Utah, and Wisconsin.
How To Take Part
If you live in the US in a state that is not mentioned above, you might still be able to participate in the USDT and ETH markets. More states will be added after the initial rollout. To have a Bittrex account added to the USD markets, it should be eligible if it was created before September 4, 2018. This only applies to those in regions mentioned above.
For those accounts created after this data, existing corporate accounts, or those that want to add a bank account for USD deposits, they have to submit a Fiat request to the exchange.
Future Additions For USD Pairs
The exchange is testing the waters with a few pairs to decide whether the processes and systems work. They aim to add fiat trading to the major crypto coins on the platform. They are also reviewing listed blockchain projects and getting feedback from the customers. All these factors will help them decide which coin will be added next. The exchange has a form that development teams for listed crypto can complete if they wish to be considered.
Bittrex is always exploring new projects and opportunities, like fiat that uniquely position Bittrex in the crypto industry. Additionally, they have a major commitment to compliance, security, and incubation of innovative crypto projects. This has provided teams and customers of the platform with confidence that it will have long-term growth. The recent announcement is the beginning, they have plans to expand this exchange and offer more opportunities to users.
This is An Indication Of Things To Come
The news comes after Bittrex added USD trading pair for TRON and LTC about a month ago. Investors are also able to trade ZCash and Cardano (ADA) directly using USD. Sia made waves recently when it opted for a hardfork to reset the proof of work function. This was needed in order to block third-party miners such as those from Bitmain and Innosilicon.
The market cap for SC is currently at $264.8 million. This makes it the third largest coin in the AltDex 100 index. The index is a benchmark for large-cap crypto coins and tokens.