One of the leading US-based cryptocurrency exchanges has partnered up with a registered broker-dealer. Following in the footsteps of Coinbase, Bittrex wants to introduce a fully compliant trading venue for blockchain-based digital assets.
An Important Partnership
Popular US-based cryptocurrency exchange Bittrex partnered up with a registered broker-dealer Rialto Trading on Thursday, August 23rd, according to Reuters.
Rialto is a registered trading platform which deals with fixed income products. According to the company’s CEO, Shari Noonan, though, their institutional clients have expressed interest in the field of cryptocurrencies:
We have seen interest from most of our large institutional clients that are trading our fixed income products.
Bittrex’s CEO, Bill Shihara, also commented on the matter:
We’re merging Bittrex’s technology, cybersecurity and blockchain expertise with Rialto’s deep knowledge of the securities industry.
Rialto is currently pending approval from regulators to expand its operations and to include trading of virtual tokens registered as securities. Furthermore, the venue is set to be open to institutional investors as well as to corporations who must meet the US securities regulations for having an annual income of at least $200,000 or a current net worth upwards of $1 million.
Earlier this year, LiveBitcoinNews reported that Bittrex partnered up with Invest.com to launch a new cryptocurrency exchange.
Not the First One
Bittrex is not the first US-based cryptocurrency exchange seeking to further its foray into regulated markets. Earlier in June, Coinbase revealed its plans to become the first cryptocurrency broker-dealer, having bought three different companies.
While Coinbase is currently waiting for its licenses to be approved, should this happen, the largest US-based cryptocurrency exchange will see its service capabilities substantially expanded.
It has become somewhat of a common practice for cryptocurrency trading companies to team up or invest in traditional trading infrastructure seeking to attract additional business from larger financial institutions.
What do you think of the new partnership between Bittrex and Rialto Trading? Don’t hesitate to let us know in the comments below!
Image courtesy of ShutterStock