Seattle-based cryptocurrency exchange Bittrex declared it has partnered with New York’s Signature Bank that would enable clients to trade cryptocurrencies in USD, as per a report by Bloomberg.
This partnership empowers Bittrex, which was restricted to directing trades only among cryptocurrencies, to now offer Bitcoin, Tether and TrueUSD trading pairs to clients in Washington, California, New York and Montana.
Bittrex, which positions as the world’s eighteenth biggest cryptocurrency exchange and moves a day by day volume of roughly $100 mln, has now turned out to be one of the only few platforms to support fiat-to-crypto trading.
Bill Shihara, CEO of Bittrex, told Bloomberg in a meeting:
“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 mentioned that the struggle to discover a banking partner until after a choice by Wells Fargo to close the exchange’s records was an aftereffect of a negative impression of conventional banks that view cryptocurrencies as the methods for unlawful exercises.
“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.”
Bittrex has listed USDT, a dollar-based “stablecoin” developed by Tether. However, this token can’t at present be recovered for physical greenbacks.
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