Bittrex Gets Bank Approval to Help Clients Buy Bitcoin with Dollars

[CoinpediaNews]

Bittrex, the Seattle-based crypto exchange has signed an agreement with Signature Bank in New York, on Thursday 31st, 2018. The firm will directly allow customers to trade digital currencies using US dollars.


Bank approves the agreement


The Bloomberg reported that, a Seattle based crypto exchange firm, Bittrex Inc allows user to swap around 200 different digital coins accepting in fiat currency. However, this approach intend more of institutional capital  to make its way through crypto industry.

Bill Shihara, CEO of Bittrex speaks about the approved agreement with Signature Bank:

“It’s been a long path… It’s not just about banks being able to trust Bittrex. It is 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”.

Even though, Shihara indicates that crypto assets are emerging into mainstream but many larger institutions still treat cryptocurrency with prudence. However, many have avoided putting their reputations at risk by getting involved with an industry that associated with illegal activities. Due to this, several exchanges allows only ‘crypto-to-crypto’ trade using digital fund, not dollars.

Moreover, there are many crypto exchanges that have found support for banks. For instance, Coinbase has developed relationships with several bank including, Metropolitan Bank, Cross River Bank and Silvergate Bank in the U.S.

Additionally, most popular cryptocurrency exchanges recently managed to secure a Barclays PLC bank account in UK.

Bill Shihara also spoke about the company’s process to ensure the deal:

“They really do look and pore through the entire business… and 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”.

At present, Bittrex’s crypto fiat trading service has already been launched on Thursday. It will only be available for Bitcoin, Tether and TrueUSD customers in Montana, New York and Washington California. Further, the company stated that gradually it will mount its offering to retails investors as well.

[Bharathi13]

Great news for crypto world and this is just the beginning. Now one by one all big exchange will get approval from bank. Bittrex and signature banks agreement give sign of cryptocurrency will soon be on the mainstream.

[GeorgiyBilyk]

this is a very serious and big step made by the legalization of the crypto market! I am sure that all stock exchanges will do it now, without exception! I see that the crypto market is moving in the right direction, and it will never stop because of prohibitions and restrictions! and soon will be the first twenty kiptovalyut, which will be added to the stock exchange Nasdaq!

[realcrypto]

Bittrex is taking a bold step by entering into another level of trading. I enjoy trading in luno since I can use my traditional bank credit card and buy bitcoin then trade. This means I can do the same thing in Bittrex.

[taeewo]

This great step but this should be extended to other world currency...

[Viking81]

Only corporate clients from a couple of the US states are allowed to trade USD pairs there. It is an important limiting factor that reduces potential positive impact of Bittrex USD trade on the global cryptomarket.

[boy130]

This is great news, this opens up crytocurrency trading to the thousands of people who lack easy access to cryptocurrencies. Surprised that Bittrex was the first to do this though, I guess they understand that the complexity of acquiring bitcoins was limiting their growth, good to see an exchange thinking forwards.

[gaxfrwpy]

This is one of the best news I've seen today. If banks can compare the opening of the special currency, there will be more new investors entering the market, which will help bitcoin to the moon in the short term.

[otto_mmaa]

cool! this is means bitcoin still show up in the future and decentralized in crypto.

[Slow death]

I do not know if this can be good news or not. and my reasons are as follows:

- bittrex has a bad support
- I do not see the physical location of the bittrex office

So there are banks that will allow people to buy bitcoin on bittrex using their fiat and at the same time we have a exchange has a very poor support service where they provide bad services. What can go wrong here? This will only worsen the world's image of cryptos. Our exchange does not pass an image of seriousness, because they are not serious

“They really do look and pore through the entire business… and 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”.

Is it really that they have verified everything?

[ronnis.gomes]

If this is confirmed, this is really good news for both Bittrex customers and the crypto market, as exchange agreements with banks are indications that ultimately some banks are joining this promising market.

[towi078]

Hope other exchanges will soon follow the bittrex step, and hopefully this can be a good omen for the crypto community

[cryptorTUX]

The only one that will profit the most out of it are not traders but bittrex themselves.  Of course that they will be trying to do such things as if everything is done and aligned right can lead to more customers which means more money for them. Although bittrex lost all the credibility on my side and so far I am using binance and I am in love with them. Bittrex support is very slow and when I day this I mean it and then you wait for the reply and not get issue resolved while binance is great. Binance will add fiat or should add in the future. Looking forward for that.

[jossiel]

This can be the response of bittrex with the current news about binance adding fiat to crypto on their option. And this can also lead other well known exchanges to do the same thing.

- I do not see the physical location of the bittrex office

It's on Seattle base on their website.
https://support.bittrex.com/hc/en-us/articles/360001318332-Contact-Us

Did someone has visited or passed by through their office?