According to a Bloomberg report, Bittrex, which is currently the 18th biggest cryptocurrency exchange with a daily trading volume of nearly $100 million, would soon allow its customers to deposit/withdraw in fiat currencies following a partnership agreement with the New York-based Signature Bank.
Commenting on this announcement, "it’s been a long path. 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,” Bittrex CEO Bill Shihara said.
Elaborating on commercial banks' approach to crypto exchanges, “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,” Shihara explained.
Although the new service won't be available to all customers at the initial stage reportedly, it is seen as a move that would attract more investors in the near future.
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