According to the blog, the business move is a new stage in a general expansion plan that the company is developing.
By the end of May, Bittrex reported on the start of operations to support FIAT trading. This phase is particularly complex due to the regulatory framework that exchanges must comply with.
In fact, the addition of a FIAT pair would put Bittrex in a privileged position by being able to offer an option that most exchanges prefer to avoid, thuis being prone to attract corporate and institutional clients who require a certain level of security.
Bittrex CEO Bill Shihara, in addition to explaining how sensitive the issue is, also emphasized the company’s commitment to providing the best business solutions for its customers.
“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.”
According to Bittrex, the expansion process is gradual. Initially, FIAT trading was available only to “approved corporate customers in qualified states and international regions.”
Now, with the announcement of the new stage, ETH-USD pair will be available to retail customers in Washington State, California, New York and Montana as well as qualified international regions.
ETH-USD Will Soon Have Other “Fellow” Pairs
Users are pleased with the news, most of the commenters on twitter ask for the addition of FIAT pairs for their favorite altcoins. However, in Reddit, the enthusiasm was even greater: Some users even pointed out that this strategy could give Bittrex the final push to become a serious competitor to Coinbase and even Binance.
Reddit user MrHinDoG said that this decision, besides helping boost the global adoption of cryptocurrency, could make Bittrex an all-in-one option for personal finance management in the future:
Bittrex mentioned that its expansion plan does not stop at this ETH-USD stage, subsequently planning to provide trading options to people located in other states. They also said the intention to list BTC, USDT, and TUSD, as well as the possibility of registering other altcoins later.