According to a Bloomberg’s report, one of the largest crypto exchanges in the world, Bittrex has agreed with banking institutions to provide trading crypto for US dollars for certain states.
The Seattle-based exchange is collaborating with the New York-headquartered Signature Bank to provide the service in some states with the bank and some other companies holding the dollar funds.
Bittrex CEO Bill Shihara explained the significance of this move both for Bittrex and the industry as a whole:
“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 pointed out why traditional banking system is wary of the cryptocurrency market:
“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 is ready to launch fiat trading for Bitcoin, Tether and TrueUSD on Thursday, these pairings for regulatory reasons will only be available to corporate clients in California, New York, Washington and Montana. However, the exchange intends to expand to retail customers shortly, according to the report.
Bittrex offers one of the highest numbers of cryptocurrency pairings worldwide and its 3 million user’s customer base make this announcement extremely important towards the mainstream expansion of the industry.