Cryptocurrency users can now trade in U.S dollars as Seattle based cryptocurrency exchange, Bittrex Inc. strikes up a deal with Network Signature Bank. The exchange which allows you swap up to 200 different digital coins is making a pact that will let corporate clients in some states purchase cryptocurrencies using dollars.
Bittrex Chief Executive Officer Bill Shihara has explained that the journey had been a long one, he says, “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.”
New York where the bank is located is known for its BitLicense scheme and this has affected a lot of cryptocurrency businesses in the state. Most banks are coming around and developing crypto-relationships such as Coinbase and U.S. based Cross River Bank, Metropolitan Bank and Silvergate Bank. Last year, after Bitfinex was dumped by Wells Fargo & Co., Puerto Rico based Noble Bank International took over banking duties for Bitfinex.
With more than 3 million customers globally, Bittrex launched a fiat trading for Bitcoin, Tether and TrueUSD. Cooperate customers in Washington, California, New York and Montana will only be able to access the service for now due to regulatory reasons, but then there is always a plan to expand.
What do you think about Bittrex trading in USD? Share your opinion with us in the comment section below.
Image credit: Pixabay
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