The cryptocurrency exchange, Bittrex were recently overtaken as the number one exchange in terms of volume. Binance exchange now hold the top spot, but this new agreement could help Bittrex turn the tables around.
Binance overtook Bittrex toward the back end of 2017 after Bittrex experienced an unexpected surge in users, forcing them to close registration for new users. Other exchanges also experienced downtime during this period, and it seems the majority of these users signed up to Binance.
Binance at the same time have made some pretty impressive moves which has kept users on the site. They’re developing Binance Chain, have their own cryptocurrency token known as Binance Coin which will run the new custom built blockchain. They’re also developing a decentralized exchange which will compete with the highly anticipated NEX exchange and rival Switcheo, and also recently added an exciting feature they call ‘convert to dust.’
The Bittrex – Bank Agreement
The bank in question is New York based Signature Bank and it’s been confirmed that Bittrex and Signature Bank are making agreements to allow users to trade cryptocurrency directly using dollars!
“It’s been a long path,” Bittrex Chief Executive Officer Bill Shihara said in an interview. “It’s not just about banks being able to trust Bittrex. It’s about banks 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.”
Understandably only some users at first will be able to use the feature, with Signature Bank customers likely being first to have access to the features.
At the moment, if cryptocurrency traders want to transact in USD, they need to use a stable coin such as USDT or TUSD, but that may soon be about to change so customers can trade directly from their bank accounts!
Could Bittrex retake the top spot?
While Bittrex have lagged behind while new registrations was closed during the very end of 2017 and for the first months of 2018, they have now reopened registrations as well as redesigning the layout of the exchange.
If users decide the feature would be more desirable than using existing points of entry to the cryptocurrency markets, the exchange which allows trading of over 200 cryptocurrencies could very well overtake Binance.
We expect more announcements and exchange upgrades soon from Bittrex as they fight to become once again the world’s largest cryptocurrency exchange.