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Bittrex Gets Bank Approval to Help Clients Buy Bitcoin with Dollars

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.

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Kerin

Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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