Cryptocurrency exchange Bittrex has announced it will be allowing deposits and withdrawals in U.S. dollars, according to company’s official twitter account.
At the start of June, Bittrex has also opened up to trading in pairs with U.S. dollar, after striking a partnership with Signature Bank. Also in December the platform became a leader in daily trading volume in digital currencies, overtaking Bitfinex and Binance.
WHY IS IT IMPORTANT?
1. The service will only be available to corporate clients that reside in either states of California, Washington, New York and Montana or live outside the U.S.
2. In order to operate with the dollar, clients should apply for a permit. Bittrex blog provides step by step instruction doing so, adding that the approval may take several days to be processed. Moreover, customers would have to undergo a know your customer (KYC) process and verify their bank details.