Shaurya Malwa · 3 hours ago · 2 min read
Ranked the 16th largest cryptocurrency exchange in the world by trading volume, Bittrex is rolling out phase two of their US Dollar (Fiat) trading platform – enabling retail and corporate investors to exchange USD for cryptocurrencies.
Fiat Trading to Increase Adoption
In an effort to target a mainstream audience of investors, Bittrex has expanded their services to allow for the use of fiat currency (USD) to trade cryptocurrencies on their platform.
On May 30, Bittrex released an official announcement stating that “fiat trading on Bittrex will include Bitcoin (BTC), Tether (USDT) and TrueUSD (TUSD)” – a first step towards increasing mass adoption of cryptocurrency investing.
In the statement, Bittrex CEO Bill Shihara explained their intention in launching these new services:
“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.”
In the first phase of launch, fiat trading was only made available to select, approved corporate investors located in four states – California, New York, Montana, and Washington.
Phase 2: Open to Retail Investors
Now moving to the second phase, Bittrex is opening fiat trading to retail investors in the aforementioned states in addition to other “qualified international regions.”
Released on June 14, Bittrex published an official statement addressing investor demand for access to fiat trading in regions not yet approved:
“Don’t worry, as we roll out future phases, more states will be added. So, please continue to be patient as we roll out these phases overtime.”
Keeping their investor audience captivated, Bittrex also hinted at future rollouts of additional USD trading pairs for popular cryptocurrencies:
“With almost 200 digital tokens listed, including some of the most innovative blockchain projects in the world, we have a deep pool of good candidates to consider for USD trading pairs. Our current USD markets include BTC, USDT and TUSD; however, in addition to methodically adding more customers, it probably won’t be too much longer before we start adding new USD pairs – pairs that may only be found on our platform.”
Bittrex’s industry-forward decision to provide fiat trading services indicates a shift in mainstream investor sentiment, as more people are drawn towards the ever-changing global cryptocurrency markets.