The recent move of the renowned crypto exchange, Bittrex to allow cryptos’ purchases with FIAT after an agreement between the New York-based Signature Bank is welcomed by many because of its expansionary implications that are said to be coming in sync with it.
Bittrex crypto exchange offers select-few swapping of over 250 cryptos for US dollars
The ironical move that a New York-based bank drawing a pact with a crypto exchange institution surprised many, as one could recall the BitLicense scheme that uprooted many of crypto startups from the area previously.
In the light of past, coming this from a small bank could only be attributed to the popularity of cryptos that is sweeping minds across the commercial mainstream as well.
The pact that was indeed a rejoicing moment for many, was seen as a much-awaited move in order to bring the unmanageable cryptos and the proper commercial banks under one roof. This has sought to be an easing move in the crypto market that can lead to an upsurge in its demand to new levels.
In an interview, Bill Shihara, CEO of Bittrex said,
“it’s been a long path…it’s not just about banks being able to trust Bittrex, it’s about 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”.
A banking agreement make it the possibility for a selected few
A breakthrough in speculations and doubtful mindsets is thus expected to be on a rise while the actual scenario persists with the same old stringent viewpoint, where the higher institutions are still wary of the market risks.
Speaking of the watchful eyes of commercial setups, the Bittrex CEO further comments,
“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.”
This has been in sync with the criminality associations of the market in past that has kept leading institutions away from joining the fray and risking their “clean images”.
Limited to a few, for now, the services are deemed to spread in no time, paving way for every other individual to join the fray. Presently, Brittex will be accepting deposits in Fiat currency which are limited to a few, as mentioned.
Previously as well, similar agreements have been made by market’s staunch exchange platform, Coinbase, and some well-established banks viz. Metropolitan Bank, Silvergate Bank, and Cross River Bank.
Owing to the ways and trends that are sweeping across the industry, of small banks’ initiatives, what do you opine… Should big commercial institutions also get into such agreements? Do let us know in the comment section below.