Bittrex Rolls Out USD Trading for Corporate Clients
Bittrex has officially struck an agreement that allows corporate investors to purchase cryptocurrency using U.S. dollars. The change represents a major shift away from the commonplace practice of initially converting fiat to bitcoin using Coinbase or a similar service.
Historically, most altcoin trading pairs use bitcoin as the base currency, leading to a high correlation with bitcoin’s price. This trend may begin to change as more investors transact in dollars instead. To start, fiat trading on Bittrex will include bitcoin (BTC), Tether (USDT) and TrueUSD (TUSD).
— Bittrex (@BittrexExchange) June 1, 2018
Bittrex CEO Bill Shihara sat down on CNBC’s Fast Money to discuss plans to work alongside U.S. regulatory agencies to develop ways of utilizing cryptocurrency as an added value to financial institutions and investors. Given the lack of current crypto regulations, some investors have grown cautious of coins due to a landscape of fraud and false ICOs. Shihara aims to solve the regulatory puzzle to unlock capital that follows proper compliance and anti-money laundering controls within the United States.
The bank managing the fiat side of operations is Signature Bank, who Shihara states Bittrex selected because of their trust in cryptocurrency, which demonstrates signs of mainstream acceptance.
Bittrex will first introduce USD trading for corporate customers in New York, Washington, California, and Montana. The feature will then be expanded over time to include all qualified customers