Seattle-based cryptocurrency exchange Bittrex recently announced a partnership with New York-based Signature Bank. This partnership will allow some of the exchange’s customers to purchase cryptocurrency using dollars.
Bittrex considers itself to be a global leader in the blockchain revolution, providing its customers with ” lightning-fast trade execution, dependable digital wallets, and industry-leading security practices.” Currently, the crypto trading platform offers about 200 different coins.
With its newly-struck deal with Signature Bank (which will hold the dollar-denominated funds), Bittrex’s corporate clients will be able to make “dollar-to-crypto” transactions as opposed to only “crypt-to-crypto” only – which is the norm in the cryptocurrency industry.
The provision will initially be available in select states due to regulatory reasons. These include Washington, California, New York and Montana. Retail clients will be unable to make “dollar-to-crypto” transactions at the moment, but Bittrex says it will expand to that sector in the future. Fiat trading will commence on Thursday with Bitcoin, Tether, and TrueUSD.
Bittrex Chief Executive Officer Bill Shihara said in an interview, “It’s been a long path. It’s not just about banks being able to trust Bittrex. It’s 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.”
