Bittrex Seals Partnership To Allow Users To Buy Cryptos With USDJun 01, 2018 at 21:00
Traders of Seattle-based cryptocurrency exchange Bittrex Inc. can now trade cryptocurrencies in US dollars.
Bittrex has inked banking a deal with New York-based Signature bank to let corporate clients in select states to buy cryptocurrencies using US dollars, Bloomberg reported.
The move is said to bring in more users to the cryptocurrency exchange.
The exchange launched fiat trading on Thursday for Bitcoin, Tether and TrueUSD and will initially be available to to corporate customers in Washington, California, New York and Montana.
Bittrex is cryptocurrency exchange that lets its 3 million users trade 200 different digital coins while Signature Bank will hold the dollar-denominated funds, the report said.
In an interview with Bloomberg, Bittrex chief executive officer Bill Shihara said the deal signifies traditional banks’ acceptance of cryptocurrencies in general.
“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,” he said.
Some digital currency exchanges only allow to trade using cryptocurrencies only since heavy regulated financial institutions are careful in getting involved with the rising crypto industry which is still marred by illegal activities such as fraud and money laundering.
But the crypto market and traditional banks have come a long way since then.
Bloomberg reported that US crypto trading platform Coinbase has partnered with US banks Cross River Bank, Metropolitan Bank and Silvergate Bank, and most recently with UK bank Barclays PLC.
It also cited Bitfinex, which is now operated by Puerto Rico-based Noble Bank International.