One of the greatest barriers to entry into the world of cryptocurrency is currently the lack of fiat gateways to purchase digital assets. For awhile it was limited to Coinbase and a few other sites that have made money charging ridiculously high fees in exchange for their convenience. However, with cryptocurrency gaining popularity around the world, more competition is emerging in terms of trading platforms for popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and more, with USD and fiat currencies.
We have seen the emergence of a few new players aiming to challenge Coinbase in the crypto fiat gateway world, including Bitstamp.net and the up-and-coming Robinhood zero fee stock & crypto trading app (get a FREE stock when you sign up for Robinhood here).
However, an old veteran in the crypto game, Bittrex, is now planning on offering the trading of cryptocurrencies with USD.
Bittrex, a popular US-based cryptocurrency exchange, has been around for awhile now, however you can currently only purchase assets from their platform using cryptocurrency like Bitcoin. This creates a barrier to entry to using their platform because you must first purchase Bitcoin elsewhere before transferring it over to Bittrex to choose from their wide selection of available assets.
According to cryptoninjas:
Bittrex CEO Bill Shihara, known as Bittrex Bill, recently announced that the popular cryptocurrency exchange will soon add US Dollar trading. This is big news in the wake of recent negative headlines surrounding Tether, the USD peg traded on many altcoin exchanges.
On UnikrnRadio, Bittrex Bill stated, “We will be doing US Dollar trading. This won’t be open to everybody, but we will have US Dollar trading available for the majority of our customers. He continued, “people who are interested, there’s a separate, enhanced due diligence process around getting your account blessed for US Dollars.”
Although this is definitely a step in the right direction, it is unclear when exactly this will be implemented or which cryptocurrencies users will be able to purchase with USD. If they do decide to allow all of their assets to be purchased using USD, this can definitely boost the credibility of Bittrex, which has faced criticism lately due to poor customer service & a narrowing selection of digital assets, which has caused the US exchange to lose a large share of trading volume to newer exchanges like Binance.