The US based cryptocurrency exchange Bittrex launches fiat trading
Bittrex Exchange has announced the launch of fiat trading for retail customers from four US states, after this option was tested by corporate investors for 2 weeks.
At the end of may the American exchange Bittrex announced that it has signed an agreement with Signature Bank and intends to grant access to fiat auction. On June 14, Bittrex reported about the successful completion of the corporate phase in its blog, adding that they are “using a phased approach for adding markets and customers”.
About two weeks ago, Bittrex CEO Bill Shihara in an interview with Bloomberg commented on the news about the appearance of the dollar on its trading platform:“It’s been a long path. It’s not just about banks being able to trust Bittrex. It’s about banks being able to trust crypto in general. And I think it’s really showing that crypto is turning the corner in terms of mainstream acceptance.”
Since that moment, the exchange has gradually opened access to the USD trading for a certain part of its clients to make sure that processes and systems work optimally before access is provided to all customers. Currently, traders from California, Washington, New York and Montana can already trade a dollar on the Bittrex in pairs with Bitcoin, Tether and TrueUSD. In the future, the exchange, which lists almost 200 tokens, intends to provide additional pairs with USD.
In the official statement that Bittrex launches fiat trading, CEO Bill Shihara explained their intention to launch new trading services:
“Expanding fiat markets to the top digital currencies on our exchange should further drive adoption of this revolutionary technology by providing customers even more options for purchasing and trading digital currencies in a secure, robust and reliable environment with high liquidity.”
“They really do look and pore through the entire business,” said Bill Shihara about the process of checking the company by Signature Bank .“They want to make sure that we’ve got robust AML/KYC processes, that we’ve got the right controls on our finances. They do background checks and everything. They really look at our business soup to nuts.”