Cryptocurrency exchange Bittrex Seattle signed an agreement on banking, which will allow corporate investors to trade selected cryptocurrency paired with Fiat.
Bittrex, listing over 200 cryptocurrency and reportedly trehmernaya user base around the world, will cooperate with the new York Bank Signature Bank that will store denominated in USD platform tools. Speaking about the new Bank deal, CEO Bittrex bill Shihara told that they “have come a long way”:
“Banks want to make sure that we have robust processes AML / KYC and proper control over our finances. They perform background checks and everything.”
Chihara suggested that the deal points to a broader trend in the interaction between the traditional financial sector and cryptocurrency sphere:
“It’s not just that banks can trust Bittrex. It is about that the banks can trust cryptocurrency in General. And I think it really shows that cryptocurrencies become mainstream”.
Initially the service will only be available to enterprise customers in the States of Washington, California, new York and Montana, in connection with the regulation. In the end, Bittrex is planning to provide access to a new tool and individual investors. Bittrex is launching Fiat trading in currency pairs with Bitcoin, Tether and TrueUS.
To date, the cryptocurrency, the exchanger must work with correspondent banks to offer trading crypto-Fiat, along with crypto-crypto on their platforms. The main cryptocurrency exchange USA Coinbase, for example, has partnered with Cross River Bank, Metropolitan Bank and Silvergate Bank, and recently opened an account in the UK Barclays Bank.
Uncertainty on the part of banks in the regulatory requirements means that cryptocurrency exchanges are dependent on cooperation with them that can be fraught with complications. For example, this week Poland’s largest cryptocurrency exchange BitBay was forced to cease operations in the country after the local banks had ceased to cooperate with the company.