Bittrex To Launch XRP and ETC Paired With USD
Bitrrex, one of the leading crypto exchanges in the world, has recently announced that it will be launching two new USD markets on its platform: Ripple (XRP) and Ethereum Classic (ETC). The launch of these two new markets is already scheduled for August 20.
— Bittrex (@BittrexExchange) August 8, 2018
According to the announcement of the company, the reason for adopting the XRP/USD and ETC/USD trading pairs is because they will enable the consumers of Bittrex to buy crypto directly with USD and to provide new USD pairings for customers that will only have their tokens listed on the Bittrex platform, like it is the case with some small altcoins.
The exchange platform believes that the USD pairings are an important step towards the more mainstream adoption of the blockchain technology and of the cryptocurrency market. It can, according to the company, also be a good way to decrease the dominance of certain particular tokens in the crypto space.
While not officially stated by the company, Bitttrex was probably talking about Bitcoin. As most people use Bitcoin to trade tokens, the whole market loses value when the Bitcoin is hit hard and this has serious repercussions for related crypto markets.
The long-term goal of the company is to continue to provide adequate services for the clients and to use USD markets to provide even more convenience for the clients and faster and more secure options for trading, as well as liquidity.
USD Market Is Open On Bittrex… But Only For Three US States
The company entered the spotlight as it announced this new option. The customers will not be able to select if they want to do “USD trading only” or if they want “USD trading, withdrawal and deposit” in USD as well.
However, the service will only be online for a small number of people at the moment. Only customers who live in Washington State, California and Montana are qualified to participate, as well as “qualified international customers”, which is not very clear. However, Bittrex already has plans to expand its services and will allow more states and countries soon.
Bittrex’s USD Market Now Has Six Coins
With these new additions, now the USD market of Bittrex has a total of six cryptos that can be exchanged for USD. They are Bitcoin (BTC), Ethereum (ETH), Tether-USD (USDT), TrueUSD (TUSD), Ethereum Classic (ETC) and Ripple (XRP).
On social media, some Ripple enthusiasts are happy that the company is adding new options. According to them, BTC and ETH will have to get their game right if they want to compete with XRP now that it will be tradable for USD.
Other users have been talking about decoupling Bitcoin and that this stance is great news for the part of the crypto community that are not Bitcoin enthusiasts for its slow speed and highly speculative investor base.
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