Bittrex Crypto Exchange Ready to Launch USD Pairings
One of the largest cryptocurrency exchanges in the market, Bittrex, said that it was able to make banking agreements that would allow some customers to trade virtual currencies for US dollars in the platform.
According to Bloomberg, the exchange has been working with Signature Bank so as to provide the service for important clients in certain states in the US.
We're excited to launch the first phase of US dollar (Fiat) trading for approved corporate customers, followed by all qualified customers as we roll out additional phases. See why it's kind of a big deal: https://t.co/a3KXXxgNFn
— Bittrex (@BittrexExchange) May 31, 2018
This is a very important step for the cryptocurrency community. Banks have been reluctant to help some crypto exchanges to prosper and offer USD pairs. Additionally, banks feel threatened by virtual currencies.
Bittrex CEO, Bill Shihara, said about that:
“It’s been a long path. It’s not just about banks being able to trust Bittrex. It’s about banks being able to trust crypto in general. And I think it’s really showing that crypto is turning the corner in terms of mainstream acceptance.”
Additionally, he commented that the banking industry wanted to make sure that the exchange had a strong AML and KYC policy and that it properly controls its finances, including background checks and security processes.
The exchange will be ready to launch the new services on Thursday for Bitcoin, Tether and TrueUSD, but the pairings will be available for corporate users in the states of California, New York, Washington and Montana, but the list could be bigger in the future. Additionally, the exchange is planning to offer the same service to retail customers.
Bittrex is the 18th cryptocurrency exchange by trading volume handling more than $95 million dollars in the last 24 hours. In addition to it, it offers more than 250 different trading pairs to its more than 3 million active users.