On Wednesday, August 8, cryptocurrency exchange and wallet service Bittrex announced that it is adding U.S. dollar (USD) trading pairs for two new cryptocurrencies.
This is according to an official announcement by the U.S-based cryptocurrency firm.
ETC and XRP the chosen coins
Bittrex stated that it has concluded plans to expand its fiat markets to include Ethereum Classic (ETC) and Ripple (XRP) on August 20.
The two currencies will join Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and TrueUSD (TUSD) in the dollar listed market.
The company further revealed that it will continue to add tokens to its fiat markets gradually with the help of its phased approach.
Bittrex explained that the fiat support process is a gradual one as they have to ramp up the markets to ensure quality in processes and systems before making them available to qualified customers.
In its statement, Bittrex stated:
“In addition to broader acceptance, expanding fiat markets to the top digital currencies on our trading platform will help limit the dominance and influence of anyone token over other blockchain projects – a necessary evolution if we’re going to unleash blockchain’s potential benefits for consumers and businesses.”
A step forward in the adoption
The cryptocurrency exchange was established in 2014 by Bill Shihara and two business partners, with the three of them former colleagues at Amazon.
Earlier this year, Shihara announced that the exchange is looking to open up USD trading to the majority of its customers.
According to Bittrex, this latest development is a step towards the growing adoption and acceptance of blockchain technologies all across the world.
Bittrex is now the first cryptocurrency exchange to support a USD/XRP pair. This is considered as an ambitious move by the exchange as it remains to be seen whether XRP is classified as a security by U.S. regulatory bodies.
Bittrex further announced that the option is available to customers who reside in eligible states and qualified international regions and who have the required documental prerequisites.
Ethereum Classic continues to make positive headlights
Ethereum Classic (ETC) has been hogging the limelight for the right reasons over the past three days.
Weeks ago, Coinbase announced that it would be listing the coin on August 7. Cryptocurrency trading app, Robinhood beat them to it by 24 hours, with Coinbase finally listing ETC as scheduled.
With the fiat support option added on Bittrex, ETC experienced three major positive news in a span of three days.
Even though ETC is currently down 10% against the greenback, many investors see the aforementioned news as long-term bullish signals.
The listing of the asset on some of the world’s most prominent platforms will only boost adoption and real-world use in the near future.
At press time, Bittrex is 23rd largest exchange with a trading volume over $63 million according to data pulled from Coinmarketcap.