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.

Bitcoin Ransomware Attack in Argentina Encrypts a Decade's Worth of Government Files

Francisco Memoria

A bitcoin ransomware attack has recently hit a data center in Argentina that houses local government files, and managed to encrypt a decade’s worth of data that has been started to be decrypted.

According to an interview by the country’s Minister of Science and Technology Alicia Bañuelos with the local news outlet Agencia de Noticias de San Luis, a total of 7,700 GB worth of data were originally encrypted, but so far around 90% of that data has reportedly been recovered.

Bañuelos was quoted as saying:

Bitcoin ransomware attack in Argentina encrypts a decade's worth of government files.

As reported by The Next Web, the attack occurred on November 25 and the exact size of the demanded BTC ransom isn’t known. Reports suggest it was somewhere between 0.5 and 50 BTC, or between $37,000 and $370,000.

Ransomware extortionists appear to be somewhat active over the last few weeks, as they’ve recently managed to hit Spain’s largest radio network Cadena SER, demanding a total of $827,00 worth of bitcoin to decrypt its systems. The attack initially hit a popular IT company called Everis, one of the country’s largest service providers.

Back in July a county in Indiana decided to pay ransomware attackers around $130,000 in BTC to have its systems decrypted, amid a plethora of attackers that forced two cities in Florida – Riviera Beach and Lake City – to pay thousands to the attackers as well.

Featured image via Unsplash.