Seattle-based cryptocurrency exchange Bittrex announced on Wednesday that they would be launching US dollar (USD) trading pairs for both Ethereum Classic (ETC) and XRP. The move comes on the heels of exchanges Coinbase and Robinhood also adding ETC support this week.
According to the announcement, the addition of the new trading pairs is part of Bittrex’ “phased approach” to US dollar trading, which began its rollout at the end of May 2018.
Get ready – we’re adding more US dollar (USD) markets on @BittrexExchange. On August 20, we’re launching USD (fiat) markets for ETC & XRP. https://t.co/UVlW4g2B1h
— Bittrex (@BittrexExchange) August 8, 2018
The exchange intends to continue adding new USD trading pairs over time, including pairs that might not be available on any other exchange. As far as the impetus behind the decision to add USD markets, Bittrex explained:
We’re going to continue adding tokens to our USD markets, providing our customers even more convenient, fast and secure trading options as well as access to some of the world’s most innovative blockchain projects.
The new trading pairs will be added on August 20, bringing the total number of USD markets to six – BTC, ETH, USDT, TUSD, ETC, and XRP.
Market Reactions
It was just poor, dumb luck that the SEC made their announcement about postponing the Bitcoin ETF decision when they did. The panic selling that ensued as a result not only caused Bitcoin prices to plummet, but it took damn near every other altcoin down with it.
In fact, the only thing I noticed was a sad, tiny little uptick in the price of Ethereum Classic right about the time Bittrex broke the news on Twitter and then it got sucked right back down into the quagmire again. XRP didn’t even get that much – in fact, prices actually went down in the wake of the announcement.
USD Trading Not For Everyone – Yet
While the addition of USD trading is a huge step forward for Bittrex, not everyone can take advantage of it at this time. Currently, the service is available only to personal and corporate account holders residing in California, Washington State, Montana, and “qualified international regions.”
For those customers who do qualify to use the service, however, they can avail themselves of either “USD trading only” or “USD trading, withdrawal, and deposit” services.
Interested in applying for USD trading? Qualifying account holders can fill out an application here.
What do you think about Bittrex adding USD markets for ETC and XRP? Are there other coins you think they should consider? Let us know in the comments below.
Images courtesy of CoinMarketCap, Shutterstock