Cryptocurrency exchange platform Bittrex has introduced US dollar (fiat) trading for corporate customers.
The initial markets for fiat trading will include Bitcoin (BTC), Tether (USDT) and TrueUSD (TUSD). The company plans to expand these services gradually to include all qualified customers.
"Expanding fiat markets to the top digital currencies on our exchange should further drive adoption of this revolutionary [blockchain] technology by providing customers even more options for purchasing and trading digital currencies in a secure, robust and reliable environment with high liquidity,” said Bittrex CEO Bill Shihara.
The fiat trading program will be rolled out in phases to help establish quality control for the new markets and ensure customers have the highest level of service possible. The first phase, started on May 31, enables fiat trading for approved corporate customers in qualified states and international regions. Initially, fiat trading will be limited in the U.S. to customers located in Washington State, California, New Yorkand Montana. Qualified international customers may participate in the markets as well.
Bittrex said it will continue to rollout each additional phase to expand the fiat trading to all qualified customers over time.
"Corporate customers are only the beginning because we also plan to extend fiat to our retail customers and many of our service providers who build on the Bittrex platform. In addition, today's fiat announcement is the first step in the next evolution of our business, as we're continuing our expansion, both locally and globally, through new services and strategic partnerships,” Shihara continued.
