US cryptocurrency exchange, Bittrex, will from now on allow investors to buy cryptos with their US dollars. So far, the only way to buy other cryptos was to first purchase Bitcoin, but Bittrex now allows coin holders to bypass this necessity and go for their currency of choice directly.
Bittrex saves the day
The Seattle-based crypto exchange has struck an agreement with the US agencies to facilitate investors buying their crypto of choice through the US dollar. So far, this was not possible, and the only way of getting to their chosen currency was for users to buy coins supported by Coinbase.
With the number of cryptos currently being between 1500 and 1800, this was a rather limited choice. Now, however, thanks to Bittrex, this exchange’s customers can go for pretty much any of the 200 coins that are being offered.
Bill Shihara, the exchange’s founder and CEO, stated that the crux of this decision is to expand to various other markets and allow Bittrex users to gain access to more currencies. This decision might be just what the market needed. After all, many altcoins have been changing their price so that it would mirror the exchanges of BTC since the only way to purchase them was through a limited variety of coins, where mostly Bitcoin was used for this purpose.
Now, however, transactions can be made with the use of US dollars alone, this might slowly start to change, and altcoins might receive more freedom and independence from Bitcoin.
According to the exchange’s CEO, only a small number of launch partners are currently working with the exchange in an effort to allow the purchase of cryptos via dollars. The system is still being tested, and the cooperation between the exchange and banks will ensure that fiat withdrawals and deposits are being processed properly. Additionally, the exchange must ensure that its engine will be capable of handling the load too.
The US still doesn’t trust cryptos
The US banks, financial institutions, and investors are still cautious when it comes to dealing with cryptos, not surprising when you consider that cryptos are still mostly unregulated in the US. If we add common ICO scams and similar frauds, it is understandable why the fear of cryptos consists. This is why traders have been turning to foreign crypto markets to invest since they are better positioned to protect these assets.
According to Shihara, however, this might soon change, due to the regulatory agencies’ efforts. He believes that the key achievement would be to solve the “regulatory puzzle”, which would allow the US to join the various operations of the crypto world more freely. So far, this is still in the future, but it is good to know that the effort is underway.