Bittrex wallet service and crypto exchange plans to expand its Fiat markets by adding USD trading pairs for two new cryptocurrencies, Ethereum Classic (ETC) and Ripple (XRP) starting Aug 20. The two new trading pairs will be added to the already listed USD markets for Ethereum (ETH), Tether (USDT), Bitcoin (BTC), and TrueUSD (TUSD).
Bittrex mentioned in its statement that it will continue to gradually add tokens to its USD markets in a phased manner for USD trading. The company further added that it has adopted a gradual approach of ramping up these markets to ensure quality in systems and processes before making them available to qualified customers.
The company stated that by expanding fiat markets to the top digital currencies on its trading platform, it intends to limit the influence and dominance of any one particular token over other blockchain projects. It added that this is a necessary evolution if the company plans to unleash blockchain’s potential benefits for businesses and customers.
This move of the exchange is considered to be an ambitious one as it remains to be seen whether XRP is classified as a security by the U.S. regulatory bodies. The exchange clarified that this option, as of now will be available for customers who reside in eligible states and qualified international regions and those who have the required documental pre-requisites.
Bill Shihara and two other business partners, who previously served in the Amazon security team, founded the Bittrex crypto exchange. Shihara announced this February that the exchange intends to open up USD trading to the majority of its customers, as reported by Cointelegraph.
The exchange took a sudden decision in October 2017, to disable thousands of accounts for compliance reviews without issuing any prior notice to its users. Bittrex then went ahead and temporarily stopped registration of new users in December 2017. It cited its inability to accurately verify each new user owing to high demand. Later, the exchange subsequently re-opened but came up with additional requirements.