Bittrex Exchange Completes USDT Swap to Ethereum Blockchain, Issues Notice to Holders
Bittrex exchange has successfully completed the move of 69 million Tether (USDT) coins from the Omni based implementation to the ERC20 standard. The move is set to introduce a cheaper, faster and more inter operable transfers and withdrawals of USDT on the exchange.
Earlier on Monday August 5th, the American based exchange announced they will be halting all deposits and withdrawals as they complete the swap.
With the swap successfully completed, the services have resumed for the USDT holders. Users are now able to transfer USDT tokens across the exchange and withdrawal fees lowered by 80% – only 1 USDT currently.
Notice to the USDT holders on Bittrex exchange
As the swap completes, all the USDT holders with ERC20 standard stablecoins will need to regenerate a new deposit address on the Ethereum blockchain. The new Ethereum based USDT wallet address “will reflect the same total that they had prior to the swap in a 1:1 manner”.
Why regenerate a new address? According to the announcement, all USDT on the Omni network addresses cannot be sent to the Bittrex address, USDT on the exchange cannot be sent on to the Omni based wallet addresses. USDT holders wishing to remain on the Omni implementation are asked to withdraw their tokens on Bittrex exchange.
The exchange recently added EOS to its trading platform but locked out U.S customers due to the regulation conundrum experienced in the country. However, this swap move will be available to all users on the platform.