Bittrex Inc., a Seattle-based crypto exchange, announced today (May 31) that it will allow corporate customers to trade on US dollar (fiat). Bittrex, which boasts roughly 3 million customers around the globe, allows their customers to trade up to 200 different cryptocurrencies. The initial markets for fiat trading will include Bitcoin (BTC), Tether (USDT) and TrueUSD (TUSD). At press time, the new service is only available to corporate clients in New York, California, Washington and Montana, though Bittrex says they are working to expand this capability to retail investors once regulations are more defined.
Chief executive officer of Bittrex Bill Shihara says Bittrex is committed to listing cryptocurrency projects which have proven business use case. “As an incubator and leading advocate of blockchain tech, Bittrex is committed to listing digital tokens that not only have the best business applications but also are the most innovative blockchain projects in the world,” he commented. “ 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.”
Shihara further said, “Corporate customers are only the beginning because we also plan to extend fiat to our retail customers and many of our service providers who build on the Bittrex platform. Also, 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.”
Initially, Bittrex will offer the USD paired with BTC, tether (USDT), and TrueUSD. This will allow users to swap between dollar-pegged digital currencies, which comes handy in a scenario where a trader needs to send dollars to another exchange, or in the event of a stable coin slipping from its dollar peg, as previously happened to TrueUSD upon news of its Binance listing.
New corporate users who want to participate in new the fiat market service should fill out our corporate account request form, and current corporate customers should apply for fiat trading by completing the fiat trading enablement request form. Once additional phases are rolled out, Bittrex will provide fiat trading instructions for all customers.