Bittrex, which is based out of Seattle has about 200 Cryptocurrencies currently and until now was only allowing Crypto to Crypto trading pairs. According to Bloomberg, Bittrex has signed a banking agreement with the New York based Signature Bank. The Fiat pairing will be however available only in select states.
Bittrex is the 18th largest Crypto exchange in the world with a usual daily volume of over $100 Million. The exchange is said to have over 3 million users. With the introduction of fiat pairings now Bittrex will compete with huge exchanges like Coinbase, Bitfinex, etc.
Bittrex CEO, Bill Shihara told Bloomberg:
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.
Shihara also commented about the banks being concerned about the industry:
They really do look and pore through the entire business. 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.
The introduction of fiat in this exchange is an important step as it will provide more options to the users for more diversification of funds in exchanges. And Bittrex has some of the highest number of Cryptocurrencies listed among other Crypto Exchanges.
Finding a bank partner can be hard for exchanges as the banks have a hard time in trusting Cryptocurrencies. However, things seem to be slowly changing now as smaller banks and even some bigger ones are ready to take the plunge. We saw this with a subsidiary of Coinbase signed an agreement with Barclays and Bitfinex finding a banking partner in Puerto Rico.
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