Bittrex, a US-based crypto exchange, is amidst preparations to launch fiat trading, the company has made updates regarding its upcoming implementation.
The company posted on its blog stating that the approach was intended to make sure the processes and systems operate without issues before the system is accessible to the clients. The most recent stage consists of letting a select small group of retail customers to take part in USD markets to test and assess the system.
The initial announcement about the fiat trading system was made on May 31 when the company decided to launch fiat trading for corporate customers as part of the initial stage. The first cryptos that were available for trading were Bitcoin (BTC), Tether (USDT) and TrueUSD (TUSD).
Two weeks later came the implementation of the second phase, which included traders that lived in Washington State, California, New York and Montana as well as several other international regions that qualified.
“Don’t worry, as we roll out future phases, more states will be added. So, please continue to be patient as we roll out these phases overtime. Also, if you’re reading this and you aren’t a Bittrex customer yet, you should sign-up now to have the opportunity to be included in USD trading in the future,” stated the announcement.
When all the phases come to completion, the customers that qualify will have a smooth and efficient method through which they can purchase cryptocurrencies directly by using USD. This will make Bittrex a direct competitor to Coinbase and may even get ahead of the exchange, seeing as Coinbase only has available four cryptocurrencies, five counting Ethereum Classic. Bittrex has support for approximately 200 cryptocurrencies and as stated in the post “we have a deep pool of good candidates to consider for USD trading pairs.”
“In addition to methodically adding more customers, it probably won’t be too much longer before we start adding new USD pairs – pairs that may only be found on our platform,” added the company.
In an additional announcement, the exchange stated that it would begin its rebranding and change ticker symbols on June 20. Bitcoin Cash (BCC) will go through a ticker change to BCH, the name will stay the same, Legends (LGD) ticker and name will become More Coin (MORE) and Bitswift (SWIFT) ticker will become BITS, name remaining the same. To make this change possible, Bittrex will need to take offline the BCC, LGD and SWIFT markets for at least three hours.