A Seattle-based cryptocurrency exchange Bittrex, that lets users swap nearly 200 different digital coins, said it got banking agreements that will allow some clients to trade in USA dollars.
The closely held company said the pact will let corporate clients in some states buy virtual tokens using dollars – a move that could help the trading venue bring in more users. Bittrex is working with New York-based Signature Bank, which will hold the dollar-denominated funds, along with other financial companies.
«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», – said Bittrex Chief Executive Officer Bill Shihara.
Bittrex is launching fiat trading on Thursday, May 31, for Bitcoin, Tether and TrueUSD. Initially the service will be available only to corporate customers in Washington, California, New York and Montana for regulatory reasons, but the company said it plans to expand the offering to retail investors eventually.