According to Bloomberg, the cryptocurrency exchange, Bittrex, has already signed a partnership deal with a certain New York bank so as to allow customers to exchange US dollars for cryptocurrency.
The Seattle-based company, Bittrex, was founded in 2013 by former employees of the Microsoft security. The said company has approximitely 3 million customers which handles about $75 million worth of cryptocurrency trading daily where they offer almost 200 different cryptocurrencies for trading.
The signature bank is a commercial bank that has regularly been seen in the top ten of the Forbes’ list yearly with its bank ratings even in the top spot in 2015.
Irv “Gotti” Lorenzo, a hip-hop producer, said once that for him this bank is the only one which he would use for they stood by him as he faced charges of money laundering that he eventually acquitted. He is known for producing Jennifer Lopez’ “Aint it Funny (Murder Remix” and “What’s my name” by DMX.
Bittrex will be offering dollar trading for Bitcoin, Tether and True USD through the bank’s services. Lastly, is establishing a cryptocurrency that claimed to be together with a dollar in value accompanied by legal protections that guarantee such.
Tether, another altcoin, has been caught up in dispute for its issue on not opening to inspections that are necessary due to its entitlements that it holds as many dollars there are for tokens in circulation.
“It’s been a long path. It’s not just about banks being able to trust Bittrex. It’s about banks being able to trust crypto in general. And I think it’s really showing that crypto is turning the corner in terms of mainstream acceptance,” Bittrex CEO Bill Shihara said.
“They really do look and pore through the entire business. They want to make sure that we’ve got robust AML/KYC processes, that we’ve got the right controls on our finances. They do background checks and everything. They really look at our business soup to nuts,” he added.
Bittrex removed 82 of the cryptocurrencies written on its list in March 2018 as couns have been deleted due to many factors such as scams, poor quality or have only just been abandoned by their developers.