A positive development is on the horizon in the cryptocurrency sector. Purchasing this particular type of asset still remains a big struggle. Users of the Bittrex exchange will have additional options at their disposal fairly soon. The company is working on finalizing banking agreements to introduce additional USD support.
Converting fiat currency to cryptocurrency still remains a problem in many countries. Even in the United States, a lot of room for improvements exists today. Bittrex is trying to make some inroads in this regard. The US-based exchange is looking to introduce USD-based trading to a select group of clients. To do so new partnerships with financial service providers need to be forged.
A Bold Proposition by Bittrex
For the time being, it is a bit of guesswork as to which banks are involved. Some sources claim Signature Bank is one of their upcoming partners. That is rather interesting, given New York state’s hostile approach toward Bitcoin and other cryptocurrencies. Even so, it would be a positive development for cryptocurrency users across the United States.
Bittrex CEO Bill Shihara comments:
“It’s been a long path. This is 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.”
When this partnership will materialize, remains to be determined. Banks are slowly showing an increased interest in Bitcoin and other similar currencies. Even so, the landscape remains very treacherous for cryptocurrency firms. Services can be suspended on a whim’s notice these days. For Bittrex, this is a major move, assuming they can pull it off.
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