The year 2019 for the crypto market has begun with a hitch after experiencing slight losses on the new year’s eve. At the moment, all major cryptocurrencies are thriving an upward graph. Meantime, one of the largest cryptocurrency exchange, Bittrex is all set to kick-start a US dollar market for stable USD (USDS) trading today, on January 03, 2019.
An official announcement by Bittrex exchange;
— Bittrex (@BittrexExchange) January 3, 2019
US dollar (USD) market for Stable USD (USDS)
However, the latest update to launch USD market was announced on December 06, 2018 on Bittrex’s official website and today the platform is finally initiating it. Effective from January 03, Bittex exchange enables USD trading, deposits, and withdrawals. Beside US residents, those who are operating personal and corporate trading outside the US territory are also allowed to participate in its stabelcoin market. A note from the statement;
Identity verified (personal or corporate) customers operating outside the United States or in one the following US states/territories are eligible to participate:
States including Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Missouri, Mississippi, Michigan, Montana, New Hampshire, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, South Dakota, Texas, Utah, Washington State, Washington, D.C., Wisconsin, and West Virginia are eligible to participate.
And those living in a state or location that is not recognized under the United State as a territory are still open to participating in Bittrex’s USDT (Tether) and crypto markets, noting that;
We will be adding more states eligible for USD soon.
To begin with the fiat trading, the exchange is limiting the number of trading pairs but ensures to add few more in near future.
We’re starting with a limited number of pairs to evaluate our systems and processes, and our plan is to continue to add fiat trading to the top digital currencies on our platform. We’re reviewing the blockchain projects we already list, listening to our customers’ trading preferences and taking other important considerations into account as we decide which USD trading pairs will be next for fiat.
Stably (USDS) and Bittrex Exchange
Headquartered in Seattle, Washington, Bittrex is one of the largest US cryptocurrency exchange, currently having the total market cap of $33,933,345 USD. Bittrex exchange is the first amongst the US trading platforms, that is listing USDS stablecoin.
USDS or often referred as ‘Stably’ is one of the stablecoin, pegged by USD in the ratio of 1 USDS = $1 USD. As officially noted;
USDS is a stablecoin designed to be pegged one-to-one with USD (1 USDS = $1 USD). This ratio is guaranteed whenever you want to purchase or redeem USDS directly with Stably because Stably holds a one-to-one reserve of USD against all issued USDS in the market.
You can find more about the Bittrex’s USD market here – Bittex Fiat trading
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com