Bittrex Inc., a Seattle-based cryptocurrency exchange that lets users swap nearly 200 different digital coins, said it forged banking agreements that will allow some customers to trade in U.S. dollars.
The closely held firm said the pact will let corporate clients in some states buy virtual tokens using dollars -- a move that could help the trading venue bring in more users. Bittrex is working with New York-based Signature Bank, which will hold the dollar-denominated funds, along with other financial firms.
“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.”