USD to Cryptocurrency Trading Allowed on Bittrex with Signature Bank
Bittrex Allows Traders To Exchange US Dollars For Cryptocurrencies
Bittrex, one of the most important crypto exchanges in the world, announced that it is now allowing retail traders to trade with US dollars on its platform. The decision has been taken after testing the platform with corporate clients during the last weeks.
Bittrex Implements US Trading For Retail Clients
Individuals in four different states will now be able to trade US pairs at Bittrex. The exchange was able to close a deal with Signature Bank some weeks ago, that allows the platform to offer trading with US dollars.
The company informed that on a blog post uploaded to its website. In order to fully implement the US pair, the exchange will be inviting small groups of retail customers to participate in the USD markets.
The exchange wrote:
“We’re going to continue implementing these phases until all qualified customers are included, and we’re making good progress. For example, at launch, we started with only corporate customers, and only two weeks later, we’re beginning to methodically add batches of retail customers.”
At the moment, only traders from Washington State, California, New York and Montana are able to participate. But the company explains that later, more states will be added.
Bittrex will be informing about the future updates on social networks, its blog, or its official site. Customers will be receiving an email from the exchange inviting them to participate in the next USD batch.
The main intention is to offer a good experience to the users that trade on the platform. With this process it is possible to analyze whether there are some issues with the implementation or not.
Bittrex is now the 25th most important virtual currency exchange in the market according to its trading volume ($71.35 million dollars in the last 24 hours). Currently, the exchange offers more than 285 different trading pairs. The first virtual currency traded against the dollars by trading volume in Bitfinex is Bitcoin, accounting for just 0.11% of the total volume.
The two other coins traded against the dollar are USDT and TrueUSD, both accounting less than 0.01% of the total trading volume of the exchange.
Binance, the most important virtual currency exchange by trading volume, is also trying to offer fiat pairs. In order to do that, it has opened bank accounts in Malta to offer EUR pairs and it is working in the island of Jersey to open a GBP bank account.