Bittrex Onto Coinbase with Regulated Trading Platform, Fiat Trading, & xRapid Connection

bittrex

Bittrex Onto Coinbase with Regulated Trading Platform, Fiat Trading, & xRapid Connection

US-based crypto exchange Bittrex is leaving no stone unturned to position itself akin to Coinbase as it partners up with Rialto for a regulated trading platform along with targeting institutions. Now long ago, Bittrex introduced fiat trading option for a selected few of its customers and ETC/USD pair only to one-up Coinbase with its partnership with Ripple for xRapid.  

A regulated trading platform, institutional investors also part of the plan   

According to the latest development, the US-based cryptocurrency exchange Bittrex is teaming up with Rialto Trading that operates a regulated Alternative Trading System (ATS) for trading fixed income products.

As for right now, Rialto has pending approval from regulators which will allow them to include digital assets. For this, both the companies are having “detailed conversations with regulators to launch this expanded platform.”

The move will further involve support to “US dollar (fiat) trading for digital securities. In addition, Rialto will provide services to the entire digital asset securities ecosystem, including issuance advisory services, placement, trading, and custody.”

Apparently, institutional investors are also targeted by Bittrex as it mentions, “Institutional investors, accredited investors, corporations and U.S.-registered broker-dealers who are interested in trading digital securities on the ATS may submit their interest for an account.”

Bittrex CEO Bill Shihara shared:

“We’re merging Bittrex’s technology, cybersecurity, and blockchain expertise with Rialto’s deep knowledge of the securities industry. And, when you add that foundation with Rialto’s extensive background in financial services, including Shari’s experience at Goldman Sachs and Deutsche Bank, this new venture is well-positioned to further advance blockchain’s adoption by offering a comprehensive solution at the right time.”

Also, read: Coinbase Strengthen Core Principles as it ExpandsCryptocurrency Use Cases

Bittrex positioning itself as Coinbase but with an additional move

With this move, Bittrex is surely making way to position itself akin to the biggest exchange of US, Coinbase. Coinbase is already working on acquiring a number of licenses along with seeking approval from the SEC.

Apparently, Bittrex has already been on this path as first it started with fiat trading services. Initially, the USD trading service has been granted to only a selected few which was, later on, was further extended to a few other users as well. And it won’t be far off when Bittrex will be allowing all of its user’s fiat tradings which will lead to a rise in its clients.

According to Coinmarketcap’s adjusted volume ranking, Bittrex ranks at 37th position with about $28.7 million 24-hour trading volume. Though it is not a big exchange, users do gravitate towards this exchange.

Recently, Cory Johnson of Ripple announced the company will be partnering up with Bittrex along with two other exchanges to facilitate their cross-border solutions via xRapid. With this xRapid connection and latest XRP/USD trading pair addition, it’s only going to rise further which puts it a step forward to Coinbase.

Not long ago, it also added ETC/USD pair which hasn’t been much after Coinbase introduced fiat option for Ethereum Classic (ETC).

Though small, Bittrex is all set to create its presence into the crypto market by going regulated, allowing fiat trading, and luring institutional investors.

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Bittrex Onto Coinbase with Regulated Trading Platform, Fiat Trading, & xRapid Connection
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Bittrex Onto Coinbase with Regulated Trading Platform, Fiat Trading, & xRapid Connection
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Bittrex is leaving no stone unturned to position itself akin to Coinbase as it partners up with Rialto for a regulated trading platform along with targeting institutions.
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Author: Anjali Tyagi

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

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Anjali Tyagi 440 Articles

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

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