Good News for Investors: Bittrex to Begin USD Pairing On Its Exchange

Bittrex, through the CEO, Bill Shihara, announces efforts in place to begin USD pairing on its exchange. It is a great move and comes at a time when the demand to offer such pairing for the US dollar is needed. At the moment, investors on Bittrex have to go out of their way in buying coins from another exchange and transferring them onto Bittrex. With such a move, it means that investors can buy coins directly from the exchange without having to purchase them and transfer from another exchange.

Why the need for this change?

Bittrex has been using cryptocurrencies in its exchange. This means that traders cannot deposit fiat money on the exchange. Currently they have bitcoin and tether as the major pairing. With the recent news on tether inflating their coin prices which has affected altcoins, the exchange has little or no hope in that cryptocurrency. Tether is a US dollar integrated coin and due to the current allegations of inflating bitcoin prices, investors may see its collapse in the near future. This could be the reason why Bittrex is keen to make USD deposits in their exchange possible to avoid going down with tether. As a result, it could be a move designed to abandon tether once and for all as their major pairing.

Another reason for this change would be that they want to make it easy for their investors to buy coins from their exchange without having to look elsewhere. This could see Bittrex rivalling Coinbase due to the USD pairing which eases pressure on investors.

Not for the faint-hearted

It is no good news for everyone as Shihara pointed out that Bittrex will not be a retail shop to retail investors. Bittrex, when they initiate USD pairing, will serve sophisticated investors like institutions and professionals who understand how crypto works. Shihara insisted that, although they will not be retail shop, other exchanges and investors, who build on them, can act as retail shop by dealing with retail investors. This is made possible through the back-end infrastructure created for their sophisticated investors to use Bittrex’s liquidity to build on them.

The move by Bittrex is a game changer for their investors as they will have a one stop shop to seamlessly trade their coins. According to Shihara, that time may be closer than anticipated and this could mean better days to come for the cryptocurrency and crypto exchanges