BITTREX Exchange Review
Many have dismissed Cryptocurrencies outright due to their lack of association with the already established financial institutions; however that fact is beginning to be assaulted with new information thanks to changing times. Bittrex, an American Cryptocurrency has done what previously was thought of, as unthinkable, well at least in America. This past Tuesday on the 29th of May, Bittrex reported in a press release that they would now be able to offer the consumers of select states within the US the opportunity to purchase trading pairs. How is it able to offer trading pairs in USD, well, because it has a partner who is a registered bank, that’s how!
Who Is Bittrex?
Bittrex, whose base is in Seattle, has apparently signed into an agreement with a financial institution based in New York, known as Signature Bank. The bank will take in the investments made in USD, as the Cryptocurrencies will be sold for their dollar market value.
Bittrex has been innovating since its inception, founded in early 2013; the company began as an intermediary allowing individuals and firms to trade from one Cryptocurrency to another. However, they were previously not able to offer their customers a mechanism of transferring from a Cryptocurrency to a traditional fiat currency such as the USD or the GBP.
The Current Bittrex Offering
At present Bittrex does have USDT on their platform, this particular token is known by its euphemism ‘Stablecoin’, however at present the offering lacks credibility within the Cryptocurrency community. USDT was also begun in the United States by a company known as Tether.
Bittrex is not one of the largest Cryptocurrency exchanges at present; they rank in at number 18 on the leaderboard. Moreover, the total value of all transactions occurring on Bittrex in a single day has been equated to the value of $100 million. Yet, this number will most likely rise exponentially due to the latest offering by Bittrex, as the opportunity to convert a Cryptocurrency into physical cash is extremely attractive within the eyes of many investors.
The CEO Weighs In
Bittrex is part of a select clique of crypto-platforms that have managed to engage co-operatively with established financial institutions within their countries and thereby offer crypto-to-fiat services to the general populace. The CEO of Bittrex Bill Shihara added that the road to achieving this goal was anything but easy, saying that the challenge was not having banks agree on the credibility of Bittrex as much as they were trying to convince banks of the credibility of Cryptocurrencies.
Shihara believes that the fact that Bittrex was able to secure the banks support is a sign that the world is slowly beginning to turn towards a more favorable view of Cryptocurrencies and their associated technologies. Hopefully, with the involvement of banks and thereby legislation, Cryptocurrencies will be able to shake off the bad rap that has often hung around them.
The negative light surrounding Cryptocurrencies is based around the fear that Cryptocurrencies and their platforms are nets for criminal activities, such as fraud and embezzlement. Shihara commented that the banks ripped through every facet of Bittrex in order to ascertain that they were a reasonable partner.