Bittrex Opens Direct Purchase of Cryptocurrencies With Dollars

Bittrex, a cryptocurrency exchange with its headquarters in the USA, has announced that they will offer direct dollar to crypto purchases in selected locations, according to an article published by Bloomberg. This with the idea of easing the path of people and institutions that want to start investing in cryptocurrencies but find hard to make the first investment.
Bittrex is a big exchange that lets you trade more than 100 types of cryptocurrency inside its platform, from the more known like bitcoin and ethereum to the most obscure ones. But, despite that, it is not easy for their customers to access their platform for the first time. The reason is that Bittrex is a crypto to crypto only exchange. This means that for people to exchange any kind of cryptocurrencies in its platform, they need to have another cryptocurrency already.
This is why pioneers like Coinbase have had so much success. Because they have presented an easy way of purchasing cryptocurrency to new users looking to enter the cryptocurrency world. But they are determined to turn into a starting portal for newbies too.
Bittrex has partnered with New York-based Signature Bank, a full-fledged commercial bank that will work with them to provide the support necessary for customers to buy cryptocurrency with their dollars directly. Initially, this service will be only available in California, Washington, Montana and New York, but they have announced that they are working to make this option available across the whole country.
Banks often deny to lend services to cryptocurrencies due to the high risk of being accused of terrorism funding or money laundering; this due to the lax and sometimes unclear regulations that cryptocurrency exchanges must comply. In contrast, banks are heavily regulated and must comply with a strict set of rules to operate. Bittrex has stated that they will work side by side with Signature to enforce the policies needed to maintain a legal operation.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…