31 May 2018 Marina Petkova
Bittrex Introduces Cryptocurrency to Fiat Exchanges Offering
Starting from June 2018, investors will benefit from direct crypto/USD trading on one of the largest exchange platforms in the world. The upgrade is expected to result in a massive expansion of the market.
For the last five years, the purchase of altcoins on one of the largest exchanges was possible only through Bitcoin, making the value of bitcoin and other currencies directly related.
With the launch of the USD/crypto trading, all coins on the Bittrex market would be more independent, which will inevitably lead to expansion and changes. In 2018, nearly 200 digital currencies are being exchanged on the platform.
Bittrex’s CEO and founder Bill Shihara said that they are still in the beta phase and his team is testing the system by working directly with banks to implement the Fiat transactions. Customers and their experience are an essential focus for the company and diversifying the market by adding fiat trading are bringing more options for exchanges to be made in a secure environment.
He expressed his excitement over finalizing the agreement that has been in development for months. The partnership is a milestone in US crypto history, as it is not only about banks trusting Bittrex, but it is also about paving the way to banks trusting and partnering with the crypto solutions. He hopes that the partnership will bring crypto mainstream acceptance a step closer to reality.
Currently, Bittrex is trying the new system by stress-testing it with a small number of selected launch partners. Тhe improved trading processes will be available in Washington State, California, New York, and Montana. Exceptions will be made only to key international clients.
Customers interested in participating in the platform testing can register and submit proof of their location in the pioneering U.S. regions. New corporate customers have to fill out a request form.
Once Bittrex’s team has made sure that they are ready with a system that provides an excellent customer experience, the exchange will open the system to the rest of its US markets, aiming to provide all customers with crypto-USD trading access.
The news has created a lot of discussions about how Bittrex lists its coins. This is possible through a very rigorous process to detect the most innovative cryptocurrency by checking the team of developers behind the project and the utilized technology. In the end, the cryptocurrency has to be double-checked by lawyers to ensure its compatibility for trading in the U.S.
Bittrex exchange stands as the 16th largest platform in trading volume and adding the crypto-fiat pairs could be beneficial not only to its customers but to the platform itself.
Partnerships like the one between Bittrex and Signature Bank show the early signs of adoption. Some banks show they are willing to explore cryptocurrencies with a change in both attitude and business protocols. One of the most popular cryptocurrency exchanges - Coinbase, has recently announced partnerships with major US banks such as Cross River Bank, Metropolitan Bank, and Silvergate Bank.
Bittrex is making steady progress, earning the trust of banks across the world, including Noble Bank International in San Juan, Puerto Rico.
Commenting on the crypto-banking relationship, Bill Shihara said that banks are doing a robust examination of the business model and operations of Bittrex.
The exchange has been put through many security processes, including robust AML/KYC, accompanied by the assurance that Bittrex has got the right controls on their finances. Banks even ran background checks and everything needed to make sure that the exchange was a proper customer.
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