Bittrex revealed US dollar trading support for Ethereum Classic (ETC) and Ripple (XRP) in an official announcement.
The exchange already allows users to trade Bitcoin (BTC), Ethereum (ETC), Tether (USDT), and TrueUSD (TUSD) for US dollars. They stated that they would add Ethereum Classic and Ripple to that list on August 20th. In what it called a “phased approach”, the exchange intends to make more markets available to customers over time.
“We’re going to continue adding tokens to our USD markets, providing our customers even more convenient, fast and secure trading options as well as access to some of the world’s most innovative blockchain projects.“
Fiat trading is now available for both personal accounts and corporate accounts upon application. However, due to regulations, only users who reside in California, Washington, New York, Montana and select international regions are eligible to trade in USD markets. The exchange stated that they will be adding more states to that list soon.
Ethereum Classic was also announced to be listed on Robinhood and Coinbase earlier this week. Coinbase Pro has begun accepting ETC deposits and it is set to be listed on Coinbase in “1-2 weeks”. Users can soon trade ETC for fiat across these three exchanges.
The Seattle-based company also stated that teams with tokens already listed on Bittrex can complete an application to have their token considered for a USD trading pair.
Currently, most of the cryptocurrency trading happens with BTC as a pair. However, the volatility of Bitcoin in the first place makes things complicated. It is undeniable that fiat pairs would bring momentum to trading by paving a smoother path for institutional investors and mainstream customers. The regulatory challenges are a certainty but we can expect more exchanges to follow suit and add fiat trading.