It all started on 31 May 2018 when Bittrex said that it was offering US dollar (fiat) trading for corporate customers and planning "to expand these services over time to include all qualified customers." The initial markets for fiat trading on Bittrex would include Bitcoin (BTC), Tether (USDT) and TrueUSD (TUSD). Bittrex said that it was "implementing a phased roll out to help establish quality control for the new markets and ensure customers have the highest level of service possible."
At that time, Bittrex CEO, Bill Shihara, stated:
“As an incubator and leading advocate of blockchain technology, Bittrex is committed to listing tokens that not only have the best business applications, but also are the most innovative blockchain projects in the world. Expanding fiat markets to the top digital currencies on our exchange should further drive adoption of this revolutionary technology by providing customers even more options for purchasing and trading digital currencies in a secure, robust and reliable environment with high liquidity.”
Then, on 14 June 2018, Bittrex said that it was time to roll out the next phase by "starting to invite small groups of retail customers to participate in the USD markets."
Now, Bittrex has decided it is time to roll out the latest fiat trading update for its customers: on August 20th, it is launching USD markets for XRP and Ethereum Classic (ETC). The exchange says that it is excited about the addition of these new USD trading pairs:
"As we continue expanding fiat markets to the top tokens on Bittrex, we’re not only offering customers a streamlined experience to purchase digital coins on Bittrex directly with US dollars, but we’ll also be offering customers USD trading pairs that may only be found on our platform. We’re going to continue adding tokens to our USD markets, providing our customers even more convenient, fast and secure trading options as well as access to some of the world’s most innovative blockchain projects."
With the addition of these two new USD trading pairs, from 20 August 2018, those customers invited to participate in the rollout will have access to USD markets for BTC, ETH, USDT, TUSD, XRP, and ETC.
As for who is eligible to apply for USD trading, this is what Bittrex had to say:
"Current Bittrex corporate and personal account customers, who reside in eligible states and qualified international regions, are able to apply for USD trading at this time. Corporate customers may apply for USD trading by completing this request form, and personal account customers may apply by completing the following form. For current customers living outside the initially approved locations, please note more states will be added over time. With each new phase, we’ll continue to provide you updates and information about how to apply for fiat trading."
This move by Bittrex is significant because it increases XRP and ETC liquidity, especially in the U.S. It also could mean that Bittrex does not think that XRP will be considered a security by the U.S. Securities and Exchange Commission (SEC).
Featured Image Credit: Image Courtesy of Bittrex