Crypto is continuing its success story in the investment world. Despite the many scams and fraudulent crypto-schemes and amid intense regulatory discussions and actions across jurisdictions, more and more crypto-exchanges offer FIAT pairing. Just recently, Bittrex, one of the major US-based cryptocurrency exchanges, announced to allow investors to buy digital coins with the U.S. dollar. In a collaboration with the New York-based Signature Bank, Bitrex plans to allow corporate clients in the states of California, Washington, New York and Montana to access new FIAT pairings with some 200 listed digital assets. That’s an important move for Bitrex and the U.S crypto-investment scene.
Bittrex, a Seattle-based venture, is one of the big crypto-exchanges, currently positioned in the Top 30 crypto-exchanges by trading volume with a trading volume of around US$ 40 million over the last 24 hours (June 16, 2018).
In an interview with Bloomberg on May 31, Bill SHIHARA, the CEO of Bittrex, revealed that he expects the announcement to be a watershed moment that goes beyond his company itself.
“It’s not just about banks being able to trust Bittrex,” he declared. “It’s about banks being able to trust crypto in general.”
Actually, some experts see those FIAT pairings as the necessary set-up for a 2nd “Crypto Bull Run”. The growth of FIAT pairing in the U.S. could, however, have far-reaching implications beyond increased trading volume and opening up the industry to mainstream customers. The move could also support a more seamless integration with the mainstream financial markets and Wall Street companies, paving the way for new crypto-based financial instruments. Currently, we are still faced with some material obstacles to make crypto-investments a mainstream opportunity for Jane and John Doe just to name KYC and AML processes, taxation and a lack of clear legislation. But the trend towards crypto seems unstoppable. Read more on the subject in Zhuling Chen’s post on Bitcoin Magazine.