Bittrex, the famous virtual currency exchange has added new USD pairs to their platform. According to a blog post uploaded by the Communications Team at Bittrex on August 8, 2018, they will be launching US dollar markets for Ethereum Classic (ETC) and XRP.
— Bittrex (@BittrexExchange) August 17, 2018
By taking a phased approach, the exchange is slowly integrating this fiat currency into their platform. The intention is to include new trading pairs linked to the US dollar in order for new traders to have access to the cryptocurrency market.
The company explains that they will not only be offering customers a straightforward experience to purchase virtual currencies with US dollars, but they will be offering USD trading pairs that are not available in other trading platforms.
In the future, they will be offering new trading pairs linked to the US dollars. In this way, Bittrex will be offering a more convenient, fast and secure trading options. Furthermore, users will have the possibility to enjoy from fiat to crypto pairs and not just crypto to crypto markets.
The exchange is not allowing everyone in the platform to trade using US dollars. At the moment, it is only possible to apply for USD trading for those that have a Bittrex corporate and personal accounts and that reside in eligible states. Customers that live outside the initially approve locations will have to wait a little bit longer before enjoying the benefits of having USD trading pairs.
Bittrex says that they analyse very carefully which asset to add. As they are taking a phased approach, they also take the necessary time to decide how and when to add a new cryptocurrency trading pair. Indeed, the exchange is open to receive and evaluate new virtual currencies to be added to the platform and the USD markets.
About the announcement, Bittrex commented:
“Today’s announcement is another exciting step toward further adoption of blockchain technology, which is truly revolutionary. In addition to broader acceptance, expanding fiat markets to the top digital currencies on our trading platform will help limit the dominance and influence of any one token over other blockchain projects – a necessary evolution if we’re going to unleash blockchain’s potential benefits for consumers and businesses.”
At the moment, Bittrex is the 38th most important virtual currency exchange in the market with 284 different trading pairs and a volume in the last 24 hours of $27 million dollars. The most important ones are BTC/USDT, ETH/BTC, ADA/BTC, XRP/BTC and ETH/USDT, accounting for more than 30% of the total trading volume.