US Crypto Exchange Bittrex Rolls Out Fiat Trading

The major US cryptocurrency exchange is rolling out fiat-for-crypto trading and plans local and global expansion.

by Nina Dimitrova
01 June • 2 mins
In Markets

Bittrex, a major US cryptocurrency exchange, announced on Thursday it is introducing fiat-for-crypto trading for its clients.

Bittrex will first provide this option for its corporate customers and eventually will roll it out to all qualifying clients, i.e. retail clients, as well as many of its service providers who build on the Bittrex platform, the company said in a statement.

Initially, the fiat-for-crypto trading will be available for Bitcoin (BTC)Tether (USDT) and TrueUSD (TUSD). They can be traded against US dollars. More trading pairs will be added at a later stage.

According to a report by Bloomberg, the long-awaited new feature was added through agreements with some US banks and other financial institutions. One such bank is the New York-based Signature Bank, which will hold the dollar-denominated funds.

"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," Bittrex CEO Bill Shihara said in the statement.

The main reasons for the phased out rollout, are that Bittrex wants to ensure that customers have the best service possible and to help establish quality control for the new markets.

At first the fiat trading will be available for approved corporate customers, who have undergone the standard registration process, in qualified states and international regions. Initially, location will be limited to the US states of Washington, California, New York and Montana and international clients. However, fiat trading will not be automatically activated for them. Instead, qualifying corporate clients need to apply for fiat trading by completing the fiat trading enablement request form.

Today's fiat announcement is the first step in the next evolution of our business, as we're continuing our expansion, both locally and globally, through new services and strategic partnerships,” Shihara noted.

With its extensive cryptocurrency portfolio and New York BitLicense, Bittrex is consistently ranking among the largest global crypto exchanges by trading volume. It was established in 2014 and has relatively low trading fees and a nice looking trading platform.