Yesterday, popular cryptocurrency exchange Bittrex added two new US dollar crypto trading pairs to its platform. Now, in addition to Bitcoin, Tether, Ethereum, and TrueUSD, eligible corporate and personal account holders can also trade Ethereum Classic (ETC) and Ripple’s XRP on the USD market.
The communications team at Bittrex published a blog post on August 8th, 2018, announcing their plan to launch US dollar markets for Ethereum Classic (ETC) and Ripple’s XRP. Just as they had promised, on August 20th, 2018, they finally added the respective cryptocurrencies to their USD market.
Today, we’re adding XRP and ETC to our USD (Fiat) markets in addition to previously announced USD pairs for Bitcoin (BTC), Tether (USDT), TrueUSD (TUSD) and Ethereum (ETH). Details: https://t.co/VEZA7L3rb6 pic.twitter.com/bDdFRP2FFQ
— Bittrex (@BittrexExchange) August 20, 2018
The objective of the exchange is to introduce new trading pairs (linked to the US dollar) so that new traders can have easier access to the crypto market. However, the USD market for XRP and ETC will not be accessible to everyone.
Though this news is huge, the exchange is not willing to allow everyone to be a part of it. There are some restrictions currently in place.
According to the exchange, it is only traders with Bittrex corporate and personal accounts who reside in eligible states that can trade in the USD markets for XRP and ETC. The eligible states are Washington, California, New York, and Montana. Customers who currently reside outside the approved locations will have to wait a bit longer to enjoy the benefits of trading in the USD market.
Addition of new cryptocurrencies in the USD market will help Bittrex build a more conductive, fast, and secure trading platform for cryptocurrencies. After the announcement was made public, Bittrex commented:
Today’s announcement is another exciting step toward further adoption of blockchain technology, which is truly revolutionary. In addition to broader acceptance, expanding fiat markets to the top digital currencies on our trading platform will help limit the dominance and influence of any one token over other blockchain projects – a necessary evolution if we’re going to unleash blockchain’s potential benefits for consumers and businesses.
The company said that they have thoroughly analyzed what assets are needed to be added to their platform. They are now in a phased approach and taking their time making a decision on how and when to add in a new crypto trading pair.
Presently, the company is amongst the leading 38 virtual currency exchanges, having 285 different trading pairs.
So what are your views on the addition of XRP and ETC to the Bittrex USD market? Do you think it is going to significantly spike the volume of these 2 cryptocurrencies? Share your views in the comment section below.
Images courtesy of ShutterStock and Twitter/@BittrexExchange.