US-based cryptocurrency exchange Bittrex launched US dollar fiat trading for approved corporate customers in qualified states and international regions. It hopes to attract more users with the introduction of cryptocurrency to fiat trading pairs.
The exchange will initially offer US dollar paired against Bitcoin (BTC), Tether (USDT), and TrueUSD. It will use a phased approach and will extend the US dollar trading to all qualified customers as it rolls out additional phases.
It also plans to extend fiat trading to retail customers and to many of its service providers who build on the Bittrex platform.
"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," said Bittrex CEO Bill Shihara.
In the US, fiat trading will initially be limited to Bittrex customers located in Washington State, California, New York and Montana.
All Bittrex customers will be required to submit to standard registration process as well as other specific fiat terms and conditions.
The current corporate customers can access fiat trading after filling out the fiat trading enablement request form, while new corporate customers should fill out corporate account request form.
Shihara had recently said the cryptocurrency exchange will soon start accepting deposits from clients in US Dollar. The move is expected to give Bittrex a huge competitive advantage over its competitors that have been gaining popularity over the last few months.
Meanwhile, Bloomberg reports that Bittrex has inked a deal with New York's Signature Bank to secure banking facilities that is necessary to enable conversions in fiat-crypto trading.
The Las Vegas-based exchange is adding fiat trading to the wide variety of innovative tokens and coins listed on Bittrex. It offers a large number of trading pairs to Bitcoin and claims to support more than 200 cryptocurrencies.
"As an incubator and leading advocate of blockchain technology, Bittrex is committed to listing tokens that not only have the best business applications, but also are the most innovative blockchain projects in the world," Shihara added.
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