Bittrex possibly adding dollar on/off ramps?
In an interview with the CEO, Bittrex indicated that they would be adding USD support in the near future.
Personally, that is a welcome development from a long time Bittrex user!
It has been quite a pain any time I want to get dollars in or out of crypto and all the different exchanges I have to sign up for and transfer funds/coins in and out of.
Also, it's been a headache any time I've tried to explain the process to any of my friends or family members that have been interested in investing in cryptocurrencies.
So much so, that many of them end up giving up when they learn about the process it is going to take just to buy their favorite cryptocurrency.
Some details about the announcement.
The full release can be found here:
https://btcmanager.com/major-bitcoin-exchange-bittrex-indicates-will-open-usd-deposits/
Some of the more significnat quotes from the CEO in the release are as follows...
In response to whether the company was going to open up new account registrations again:
"Yes, there is going to be a time, I actually think it’s not that far away, when we are going to open up for global signups again, we will end up doing additional requirements, minimum deposit sizes, and things like that to trade, ensuring signs up that are coming in, are people who understand what they are doing… demand has been pretty incredible.”
In response to whether or not more partnerships like the one seen with Upbit were on the horizon:
“We’re going to see more deals like that in the coming year. And we will be doing USD trading; this won’t be open to everybody, available for the majority of our customers as well as foreign partners that build on top of us.”
That was the big one... "we will be doing USD trading"
Not sure about you, but that sure sounds like they are looking at a USD wallet.
Then there was also this when asked about whether or not there should be concern about Tether:
“Tough question, we treat it as another altcoin. The market agrees Tether is backed by something, as it is trading as a dollar substitute. But I always tell people to do their own research and be cautious in crypto.”
Again, the full release can be accessed here:
https://btcmanager.com/major-bitcoin-exchange-bittrex-indicates-will-open-usd-deposits/
Great stuff from the CEO of Bittrex.
I don't know about you, but between this news and the Robinhood news, it sounds like Coinbase is going to have tons of competition on their hands in the very near future.
Increased competition means better prices for us users.
Bring on the competition!
Stay informed my friends.