Bittrex Launches USD Markets for Cardano and Zcash

News and Analysis

Crypto exchange Bittrex announced that on September 5 it will introduce two new USD trading pairs to its trading platform. The new markets include Cardano (ADA) and Zcash (ZEC).

Just a week ago, on August 20, Bittrex announced that it would be adding Ripple (XRP) and Ethereum Classic (ETC) to its fiat markets.

Bittrex began offering fiat trading in May for qualified investors to trade against Bitcoin (BTC), Tether (USDT) and TrueUSD (TUSD), stating that the new service will be phased in to establish quality control and ensure quality service. Retail investors were then allowed to trade fiat in small selected groups beginning in June.

This is what Bittrex has said in the past about who is eligible to apply for USD trading:

“Current Bittrex corporate and personal account customers, who reside in eligible states and qualified international regions, are able to apply for USD trading at this time. Corporate customers may apply for USD trading by completing this request form, and personal account customers may apply by completing the following form. For current customers living outside the initially approved locations, please note more states will be added over time. With each new phase, we’ll continue to provide you updates and information about how to apply for fiat trading.”

The exchange’s support page also explains that in order to enable users’ accounts for USD deposits and withdrawals Bittrex must whitelist their bank account.

“If you are approved for USD trading but your bank account is not whitelisted you will not be able to deposit or withdraw USD. In that case, to withdraw USD accumulated through trading activities you can sell that USD into cryptocurrency and then withdraw that cryptocurrency.”

Last week, Bittrex teamed up with Rialto Trading, a next-generation Alternative Trading System (ATS) to offer a new digital securities trading platform.

While addition of Cardano and Zcash to the exchange’s USD markets is certainly a positive development for both assets from their liquidity growth perspective, today’s news has made little impact to their prices. At press time, ADA is trading at $0.104331 (down -0.76% over the past 24 hours), ZEC is changing hands at $153.12 (-0.46%).

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