Even though there has been beefs for cryptocurrency from banks and governments bodies, banks have over the time recognized the proficiency of blockchain tools especially for remittance services. With the latest development, it is clear that one can now buy and sell crypto coins with fiat currency on Bittrex.
The renowned Cryptocurrency exchange company settled in Seattle, Bittrex Inc, in an agreement with Signature Bank, will be allowing users to exchange Cryptocurrencies with U.S. dollars fiat currency.
According to the news, released by Bloomberg, the exchange will be operating with the New York based bank and other financial institutions to peddle the new development that will make individuals and cooperate bodies buy about 200 different type of digital currencies with the fiat currency.
While acknowledging the achievement, the CEO of Bittrex, Bill Shihara, in an interview said the latest development should give Cryptocurrency more recognition among banks.
“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.”
According to the agreement, while Bittrex will today initiate the trading of Bitcoin, Tether and TrueUSD with fiat the currency, the services will only be made available for users in Washington, California, New York and Montana for the moment. Albeit it aims to extend it further to other areas, the exchange stated that it has made the decision to expose the service to a small area due to regulations.
Cryptocurrencies Gaining More Ground
As Cryptocurrencies continue to gain more ground around the world, banks are beginning to see the need to embrace digital currencies. It was reported that an affiliation has been groomed between US-based crypto exchange giant, Coinbase and banks like Cross River Bank, Metropolitan Bank and Silvergate Bank.
“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,” Shihara said.
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