The US-based trading platform Bittrex has become able to accept fiat US dollar. For that purpose, the company has reportedly entered into an agreement with Signature Bank in New York.
"Bittrex is working with New York-based Signature Bank, which will hold the dollar-denominated funds, along with other financial firms," reported Bloomberg.
The company said that with this cooperation they would be able to expand provided services. Specifically, platform's corporate clients from some states can buy cryptocurrencies for US dollar. As a result, the company may attract more potential users, promote cryptocurrencies and boost the credibility of the banks. For reference, the platform operates some 3 million active accounts and supports about 200 digital coins.
“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,” stated Bittrex CEO.
Fiat trading will be available in BTC, Teather and TrueUSD pairs. Initially, such service will be offered only to corporate clients in Washington, California, New York and Montana.
However, individual investors may also get this service in the future, as the company spokesperson said.