Bittrex Set to Add USD Pairings

Avi Rosten
  • The Seattle-based exchange, one of the largest in the world, will roll out USD pairings for BTC, USDT and TrueUSD
  • Initially only available for corporate customers in some states, Bittrex intends to expand the service to retail customers

Bittrex, one of the world’s largest cryptocurrency exchanges, has said that it has made banking agreements that will allow some of its customers to trade crypto for US dollars.

According to the report in Bloomberg, the Seattle-based exchange is working with New York-headquartered Signature Bank to provide the service for corporate clients in certain states - with the bank and some other firms holding the dollar funds.

In an interview, Bittrex CEO Bill Shihara explained how this move is a significant milestone not just for Bittrex, but for the industry as a whole:

“It’s been a long path. 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.”

Bill Shihara

Shihara also explained how the traditional banking industry is wary of the cryptocurrency market:

“They really do look and pore through the entire business. They want to make sure that we’ve got robust AML/KYC processes, that we’ve got the right controls on our finances. They do background checks and everything. They really look at our business soup to nuts.”

Bill Shihara

Set to launch fiat trading on Thursday for Bitcoin, Tether and TrueUSD, these pairings for regulatory reasons will only be available to corporate clients in California, New York, Washington and Montana. According to the report however, the exchange intends to expand to retail customers in the future.

With Bittrex offering one of the highest number of crytpocurrency pairings in the world, and a customer base of 3 million users, the new announcement is an important development for the fledgling industry as it pushes more and more into the mainstream.

More Publicity for Bitcoin: Jack Dorsey’s Square Is Now a NASCAR Sponsor

Siamak Masnavi

On Wednesday (July 14), Jack Dorsey, the CEO of micro blogging platform Twitter and payment service provider Square, revealed that Square is now sponsoring NASCAR driver Darrell "Bubba" Wallace Jr (aka "Bubba Wallace").

Square was founded in February 2009, i.e. it is 11 years old, just like Bitcoin (BTC). The three co-founders are Jack Dorsey (who is also the company's Chairman and CEO), Jim McKelvey, and Tristan O’Tierney.

Four years after the launch of Venmo, PayPal's peer-to-peer (P2P) mobile payment solution, Square (whose founder and CEO is Jack Dorsey) launched a competitor called "Square Cash", a beautiful, simple, and fun-to-use app, which got renamed to "Cash App" later.

Cash App, which is one of Square's most popular products, allow a user to request money from and to transfer money to another user. Users can withdraw the money via a debit Visa card called "Cash Card" or by transferring it to a bank account.

Cash App started supporting buying and selling of Bitcoin (BTC) in mid November 2017 in a very limited rollout; the feature was officially launched in late January 2018.

Here is a tweet from Dorsey (who is a huge believer in Bitcoin) announcing the news on 31 January 2018:

According to Bloomberg, on 16 May 2018, Dorsey, who is also the CEO of Twitter, shared his belief in Bitcoin with a crowd of crypto enthusiasts at the Consensus 2018 conference in New York:

The internet deserves a native currency; it will have a native currency. I don’t know if it’ll be Bitcoin or no, but hope it will be.

It is worth noting that Square also has a crypto-focused division known "Square Crypto"—launched in March 2019—that operates separately from the rest of the company and its purpose is to support the development of Bitcoin and its ecosystem, as Square Crypto Product Manager Steve Lee explained on Twitter in July 2019:

The NASCAR Cup Series is the top racing series of the National Association for Stock Car Auto Racing (NASCAR). Wallace, who happens to be the only Black driver in NASCAR and became famous recently due to the "noose" controversy, currently drives car No. 43 Chevrolet Camaro ZL1 1LE for Richard Petty Motorsports.

Well, yesterday, Bitcoin fan Dorsey, sent out the following tweets to show that Square's Cash App is now sponsoring Wallace:

Featured Image by "skeeze" via Pixabay.com