Bittrex enabled transactions with dollars for USA corporations

Through a statement, Bittrex exchange house (one of the exchanges with the largest volume of transactions in the world) reported that it is implementing the possibility of allowing payments with dollars in locations in the United States.

The company is working with the Signature Bank of New York to “provide the funds in dollars for the transactions it intends to carry out with only a few corporate clients,” during the first instance of the project.

Bill Shihara, CEO of the company, said: “It’s not just about banks being able to trust Bittrex, it’s about banks being able to trust cryptocurrencies in general, and I think this is really showing that cryptocurrencies are around the corner in terms of mass adoption (…) Banks have been looking at our entire process and evolution, asking us to make sure we have a good know your customer (KYC) process so that we can control our finances in a good way. They have been doing clandestine checks and will continue to look for nuts in our business soup,“ he said.

Due to the strong regulations worldwide, multiple corporations have avoided “taking the risk” of associating with industries in the field of cryptocurrencies, so they have resorted to transactions only between the same digital currencies and not towards fiat money, such as dollar.

Bittrex also announced that a “fiat money exchange service” will be enabled and its new platform will be available during the initial stage for corporate clients in the states of California, Washington, Montana and New York.

N. Moncada

Source: CoinCrispy

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