US cryptocurrency exchange Bittrex has revealed that it has secured an agreement with several financial institutions that will see some American customers offered BTC/USD pairs alongside pairs for stablecoins Tether and TrueUSD.
Those select customers will mostly be corporate clients and only in certain states. Bloomberg reports that New York’s Signature Bank will be holding a majority of the dollar-related funds, with other firms helping as appropriate.
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.” said Bill Shihara, Bittrex Chief Executive Officer.
Purchasing cryptocurrency directly with the US dollar is increasingly difficult due to the strict anti-money laundering (AML) and know-your-customer (KYC) regulations passed down by the government. Bitfinex was famously released of support by Wells Fargo & Co last year in an all too familiar story: the financial institution too cautious of participating in cryptocurrency trading due to supposed exposure to involvement in criminal activities.
While a brand new fiat-to-crypto onramp has been created, it will only be for corporate customers in New York, California, Montana and Washington. Bittrex have confirmed that they will be extending the offerings to retail investors in the future.
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