Bittrex has finally stepped into the fiat sub-industry of crypto exchanges, recently introducing a plan to roll out USD trading pairs to its thousands of users.
Welcome XRP And Ethereum Classic To Bittrex’s Fiat-To-Crypto Lineup
On Wednesday morning, the Seattle-based Bittrex Exchange announced that it would be launching two new trading pairs come August 20th. This announcement comes amidst the exchange’s plan to finally offer fiat support, which many saw as a long time coming for one of the leading platforms in this rapidly growing space.
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
As per a blog post, Bittrex will be adding Ethereum Classic and XRP fiat support, with these two additions joining the company’s exclusive fiat-supported crypto roster, which currently consists of BTC, ETH, USDT, and TUSD.
This release stays in-line with Bittrex’s so-called “phased approach,” whereas the exchange adds fiat trading pairs over time, instead of an ‘all-or-nothing’ approach. The firm added that this procedure eases stress on the exchange’s employees and servers, ensuring that any risk of a mishap is mitigated. Issuing information on the “phased approach,” Bittrex’s communication team wrote:
“While we dream big, we also plan wisely. That’s why we will continue to use a phased approach for USD trading. We are taking our time and ramping up these markets, processes and systems through a measured approach before we open it up to all qualified customers… Our phased approach not only allows us to stress test our systems, but also ensures we have time to properly evaluate which tokens should be added to our USD markets and when.”
A Lifeline for XRP?
While Bittrex’s addition of an XRP/USD trading pair seems mundane at first glance, many were caught by surprise by this move, as it remains to be seen whether XRP is a security in the eyes of U.S. regulatory bodies. With this addition, Bittrex will become one of the first American crypto exchanges to support XRP-to-fiat trading, beating Coinbase and Gemini to the punch. XRP is in need of a lifeline having crashed 90% from its ATH in January, this could prove to be it. XRP is currently trading at $0.342, a new 2018 low.
As it stands, not all users will be able to utilize Bittrex’s fiat features, with only the customers “who reside in eligible states and qualified international regions” and who hold the required documentary prerequisites being allowed to take advantage of Bittrex Fiat.
Can Ethereum Classic Proponents Find Shelter In This Bear Market?
While the market isn’t looking all too healthy, Ethereum Classic (ETC) has continued to be the ‘talk of the town’ in cryptocurrency circles. This is a result of Robinhood and Coinbase both introducing ETC trading integration within the past week. Many saw these two listings as a bullish sign for the price of the asset, but the array of positive developments have had no initial impact on the price of the asset.
So for now, it seems that Ethereum Classic proponents will have to take the full brunt of the stormy market conditions.
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