Yesterday, Bittrex crypto exchange and wallet service officially announced their plans to launch U.S. dollar trading pairs for two new cryptocurrencies.
According to the announcement, the exchange will launch U.S. dollar markets for Ethereum Classic (ETC) and Ripple (XRP). The two new trading pairs will be added to the existing list currently comprising BTC, ETH, Tether (USDT), and TrueUSD (TUSD).
Bittrex is using a phased approach to expand their fiat markets in order to provide customers with the best trading options while ensuring all new processes and systems will have the highest standards.
The crypto exchange service says expanding U.S. dollar trading markets isn’t just important for wider acceptance but also to control the authority of any single token over the other blockchain projects. In turn, this will allow both consumers and businesses to benefit from all of the benefits provided by blockchain technologies.
Back in 2014, Bill Shihara and two business partners formerly part of Amazon’s security team founded Bittrex. The founder announced they intend to launch USD trading for most of their customers this February.
Without prior notice, the exchange disabled thousands of accounts for compliance back in October 2017. Users didn’t receive any warning and last year in December Bittrex halted new user registration. They claimed it was becuase the demand was so high they weren’t able to perform accurate verifications for each new user. Nevertheless, Bittrex re-opened registration after a short while.
Presently, Bittrex is the 24th largest exchange and its trading volume is over $56 million, according to Coinmarketcap.
Bittrex was founded in 2014 by Bill Shihara and two business partners, all of whom previously served in the security team at Amazon. In February of this year, Shihara announced the exchange’s intention to open up USD trading to the majority of its customers.