Cryptocurrency exchange Bittrex announced that it had reached with the Bank agreement, which will allow you to start trading pairs with the US dollar.
Today the crypto currency exchange from Seattle supports almost 200 cryptocurrencies that are traded in 284 pairs. The agreement with the Bank, Signature Bank of new York will give customers the opportunity of trading platform to buy and sell crypto-currencies for USD.
Initially the service will be available for corporate clients in Washington, California, new York and Montana. The first of the pair with the dollar amount of Bitcoin, Tether and TrueUSD.
“It was a long way. It is not only that the banks can trust Bittrex. It is about that the banks can trust kriptonyte in General. And I think it really shows — a cryptocurrency to cope with the standpoint of the mainstream,” said Executive Director Bittrex bill Shihara (Bill Shihara).
Major financial institutions involved strict regulations against money-laundering (AML) and customer identification (KYC), often avoid to deal with cryptocurrency industry. As a result, many of crypto currency exchange, including some of the largest, do not have trading pairs with Fiat currencies.
“They really look and evaluate the entire business. They want to make sure that we have robust processes AML/KYC that we have the right controls over our finances. They perform background checks and all that. They really do learn our business from the beginning to the end,” said bill Shihara.
We will remind that in March on Bittrex came into force new rules of rendering of services. Among the main innovations: the ban on participation in the auctions minors and residents of countries under U.S. sanctions. At the end of the same month the exchange has removed from listing 82 althena that do not meet the requirements of the platform.