Crypto Exchange Bittrex Launching USD Markets for TRON (TRX) and Litecoin (LTC)

On Wednesday (12 September 2018), U.S. based digital asset exchange Bittrex announced that it was planning to launch two new USD trading pairs.

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." 

On 20 June 2018, it added Ethereum (ETH) to USD (fiat) markets. And on 8 August 2018, Bittrex announced that on 20 August 2018, it would be launching USD markets for XRP and Ethereum Classic (ETC).

On 29 August 2018, the exchange announced that it was going to launch USD markets for Cardano (ADA) and Zcash (ZEC) on 5 September 2018.

And today, Bittrex made many TRON (TRX) Litecoin (LTC) fans happy with the following announcement:

As Bittrex has said before, it is going to continue adding tokens/coins to its USD markets. With the addition of these two new USD trading pairs, from 17 September 2018, those customers invited to participate in the rollout will have access to USD markets for BTC, ETH, USDT, TUSD, XRP, ETC, ADA, ZEC, TRX, and LTC.

As for who is eligible to apply for USD trading, this is what Bittrex has said in the past:

"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." Currently, the eligible U.S. states are Washington State, California, New York and Montana.

This move by Bittrex is significant because it increases TRX and LTC liquidity. Currently (as of 19:00 UTC on September 12th), according to data from CryptoCompare, TRX is trading at $0.01792, down 2.29% (in the past 24-hour period), and LTC is trading at $51.68, up 0.9% (in the past 24-hour period).

Featured Image Credit: Image Courtesy of Bittrex

Crypto Exchange Update: Binance, Bitfinex, Bitstamp, Huobi Global, and Poloniex

Siamak Masnavi

The "Crypto Exchange Update" covers the latest news from Binance, Bitfinex, Bitstamp, Huobi Global, and Poloniex for the week 14 October 2019 to 20 October 2019.

Binance

  • October 14: Binance announced that it would be launching the phase 9 of Binance Lending Products at 12:00 UTC on 16 October 2019. This is when 14-day fixed term lending products for BNB, BTC, BUSD, ETH, MATIC, and USDT became available.
  • October 15:
    • Binance.US listed Dash (DASH).
    • Binance and swiss firm Amun AG jointly announced the launch of a BNB Exchange-Traded Product (ETP) on the regulated segment of the SIX Swiss Exchange.
    • Binance announced support for the staking of Harmony (ONE) tokens on Binance starting on 16 October 2019.
    • Binance introduced the Binance Academy mobile app (available for both iOS and Android).
  • October 16: Binance announced that the next token to go on sale on its IEO platform Binance Launchpad would be Kava (KAVA).
  • October 17:
    • Binance.US listed Algorand (ALGO) and Zcash (ZEC).
    • Binance announced that it had completed the 9th quarterly BNB coin burn (2,061,888 BNB, worth roughly $36.7 million, was burnt).
  • October 18:
    • Binance Futures increased maximum leverage from 20x to 125x for BTC/USDT contracts. 
    • Binance.US said that from 18 October 18 2019, "USD deposits are eligible for FDIC insurance coverage."

Bitfinex

On October 17, Bitfinex announced the launch of the Bitfinex Affiliate Program. Bitfinex customers who join this program and become affiliates can potentially earn "unlimited commission" by sharing invite links across their social media channels.

Bitstamp

On October 15, Bitstamp, Europe's largest crypto exchange by trading volume, announced that it is integrating Ledger Vault’s technology to "enable advanced custody options." Bitstamp and Ledger's joint press release said that Ledger Vault Ledger Vault "will provide flexible wallet tech infrastructure that will allow Bitstamp to set up a sophisticated and very secure custody system with end-to-end hardware backed transfers and a strong multi-authorization governance model, ensuring there are no single points of failure and allowing better management of assets in storage."

Huobi Global

On October 15, Huobi Global said that it had "completed the repurchase and burn of HT for Q3 2019 (a total of 11.3321 million HT, approximately equivalent to 40.6369 million USDT), of which, 8.3389 million HT was directly repurchased from the secondary market, with 2.9932 million HT derived from HT fee income."

Then, on October 18, Huobi announced that it planned to launch a fiat gateway in Turkey that will allow local investors/traders to buy Tether (USDT) with the local currency (the Turkish Lira) via their bank accounts. Then, they can trade USDT against any of the 250 cryptoassets supported by Huobi Global.

Poloniex

On October 18, Poloniex announced that it was being spun out from its parent, FinTech startup Circle, into a new company, Polo Digital Assets, Ltd., "with the backing of a major investment group" so that it would be free "to focus on the needs of global crypto traders with new features, assets and services."

Unfortunately, there was some bad news for Poloniex's U.S. customers since Polo Digital Assets won't be supporting them, which means that (i) U.S. persons will not be allowed to create accounts on Poloniex; and (ii) from 1 November 2019, U.S. customers won't be able to do any more trading on Poloniex, though they can make withdrawals via Circle until 5 December 2019.

 

Featured Image Credit: Photo via Pixabay.com