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Bittrex to Open CryptoFiat Pairs for Cardano (ADA) and Zcash (ZEC)

Bittrex, one of the top 50 cryptocurrency exchanges by trade volume around the world, announced a few hours ago its decision to enable crypto/fiat trading pairs for Cardano and Zcash. Its official account tweeted this and later confirmed via an email sent to its subscribers.

Bittrex is excited to open two new US Dollar (USD) markets, Cardano (ADA) and Zcash (ZEC), on September 5, 2018! …

The approval process is fast and once approved you can trade all USD markets Bittrex offers today and in the future. When approved for USD deposits and withdrawals we will reply with wire transfer instructions and you will enjoy industry-leading same or next-US-business-day deposits and withdrawals. Follow us on Twitter for new USD market announcements and the latest updates.

The approval of a crypto-fiat pair is of great importance as it demonstrates the proven trustworthiness of a cryptocurrency as well as its legality and legitimacy.

Cardano is a blockchain that promises to solve the problem of scalability and interoperability by using a configuration that its team classifies as that of a third-generation blockchain. Zcash is a blockchain that has been in charge of perfecting a protocol that they qualify as zero-knowledge proofs.

The community has well received the announcement. In a few hours, the official tweet accumulated more than 1.4k likes and near 500 retweets, with positive comments from traders and enthusiasts around the world.

zcash investment

Bittrex: Crypto/Fiat Isn’t For Everyone… (Yet)

It is important to note that due to legal reasons, only some states are eligible for the Crypto/fiat markets. According to Bittrex the most suitable option for those who are not eligible is to trade crypto/crypto using the USDT (Tether) market, a stable coin that is created to maintain a constant value of 1 USD.

On its official website, Bittrex explains who can trade in USD fiat-to-crypto pairs:

“To be eligible for the USD markets you must be living or operating:

  • Outside the United States, or
  • Inside the United States in California, Washington State, New York State, Montana, or Arizona
  • Corporate customers operating in Pennsylvania are also eligible

To apply, it is important to fill out the form available in this link

At the time of writing Cardano (ADA) has a price of $0.10 for a market cap of 2.69Bn USD occupying the 9th place in the global market cap. Zcash (ZEC) is worth $149 for a market cap of $400.54Mn

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Bittrex Adds Crypto-Fiat ETH-USD Pair

Bittrex, one of the most important exchanges in the United States and number 23 in the world, announced yesterday that they would be listing an ETH-USD FIAT pair to its trading platform.

The popular exchange tweeted about this decision, also adding a link to its official website for those who want more information:

According to the blog, the business move is a new stage in a general expansion plan that the company is developing.

By the end of May, Bittrex reported on the start of operations to support FIAT trading. This phase is particularly complex due to the regulatory framework that exchanges must comply with.

Bittrex Logo

In fact, the addition of a FIAT pair would put Bittrex in a privileged position by being able to offer an option that most exchanges prefer to avoid, thuis being prone to attract corporate and institutional clients who require a certain level of security.

Bittrex CEO Bill Shihara, in addition to explaining how sensitive the issue is, also emphasized the company’s commitment to providing the best business solutions for its customers.

“Expanding fiat markets to the top digital currencies on our exchange should further drive adoption of this revolutionary technology by providing customers even more options for purchasing and trading digital currencies in a secure, robust and reliable environment with high liquidity.”

Bill Shihara

According to Bittrex, the expansion process is gradual. Initially, FIAT trading was available only to “approved corporate customers in qualified states and international regions.”

Now, with the announcement of the new stage, ETH-USD pair will be available to retail customers in Washington State, California, New York and Montana as well as qualified international regions.

ETH-USD Will Soon Have Other “Fellow” Pairs

Users are pleased with the news, most of the commenters on twitter ask for the addition of FIAT pairs for their favorite altcoins. However, in Reddit, the enthusiasm was even greater: Some users even pointed out that this strategy could give Bittrex the final push to become a serious competitor to Coinbase and even Binance.

Reddit user MrHinDoG said that this decision, besides helping boost the global adoption of cryptocurrency, could make Bittrex an all-in-one option for personal finance management in the future:

Bittrex mentioned that its expansion plan does not stop at this ETH-USD stage, subsequently planning to provide trading options to people located in other states. They also said the intention to list BTC, USDT, and TUSD, as well as the possibility of registering other altcoins later.

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Binance To List Euros for Crypto-Fiat Operations

Binance, the most important Exchange in the world according to trading volume, would be close to offering its users the possibility to trade cryptos with a Euro pair

The use of crypto-fiat trading pairs is something that many exchanges try to avoid due to fear of regulations; however, many users repeatedly requested this option to freeze their funds or carry out other financial strategies.

It should be noted that Binance recently announced that it would move its headquarters to Malta, a country with a crypto-friendly policy, making easier the legal use and adoption of Euros for crypto-fiat trading.

It is also important to note that the Binance team has posted some recruiting advertisements on Twitter to open offices around the world. Another reason for the Binance move was the harsh Asian regulations, especially in Japan, a country with which it had several strategic talks that proved unsuccessful.

“CZ”: CEO of Binance

In telephone conversations with Bloomberg, Zhao Changpeng or “CZ,” CEO of Binance, announced that they are making all the necessary arrangements to enable ASAP the first crypto-fiat pair of the famous Exchange.

Until now, the closest thing to this type of operation was the “freezing” of cryptos using the USDT pair, a stable coin that has recently been the subject of controversy due to its alleged lack of FIAT support.

According to Bloomberg, CZ’s statements suggest that Binance’s expansionist plans are giving very positive results:

“Founded in July, Binance made at $150 million profit in the first quarter, with daily trading averaging between $1.4 billion and $1.5 billion, Zhao said. The company has 9 million users, he said, compared with more than 2 million at the start of the year.”

This data is in sharp contrast to the behavior of the cryptocurrency market, which has been declining, especially during 2018, with a significant fall in the general market cap. Bitcoin alone has lost more than half its value.

Euros Are Just The First Crypto-Fiat Pairs

However, despite the problems, Binance seems to have hit the nail on the head with a series of policies and strategies that have made it extremely popular with enthusiasts and prestigious traders.

Binance plans to open offices in other parts of the world, focusing mainly on the European and Asian markets, according to statements by its CEO:

“Zhao said that Binance will soon receive an exchange license from Jersey in the Channel Islands, and plans to open an office there with as many as 100 staff. The company is also in talks with authorities and banks in Taiwan, he said.”

So far there is no definite date; however, it is expected that the pair will be enabled soon since once all legal requirements are met, the technical aspect is easier and less bureaucratic to work on.

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McAfee Redemption Unit (MRU): The Crypto-Backed FIAT Proposed by John Mcafee

John Mcafee has announced the creation of a FIAT currency backed cryptocurrency: the McAfee Redemption Unit (MRU).

The “IMO” is scheduled for June 25th, according to a tweet published by John McAfee himself confirming that the McAfee Redemption Unit (MRU) issuance was not a hoax.

The news first appeared on a Hindi website, suggesting the possibility that the story was a hoax, but John McAfee quickly clarified his intentions not only via twitter but through direct contact with the website team.

Previously John McAfee had commented on his intentions to issue a FIAT currency, after mentioning the coincidence that an user had sent him a design for a FIAT bill without knowing he was actually planning something similar.

According to the famous influencer, McAfee Redemption Unit (MRU) will be the token that will support the FIAT money: The McAfee Promissory Note. The intrinsic value of such a coin will be an amount of time to share with him in a personal meeting.

According to Crypto-News, McAfee has at least an elaborate preliminary idea of what his FIAT currency and its support for Crypto would look like, as evidenced by his statements:

“Each McAfee promissory note is denomination and serial number unique and each note is tied to one or more cryptocurrency coins called “McAfee Redemption Units” (MRUs). A coin identifier or list of coin identifiers is distributed with the note as a separate, collectible document – a paper wallet. It is expected that this paper wallet will be stored in a separate location from the note. None of the coins are initially “activated” however. Coins become activated if and when a note holder chooses to “convert” his or her Fiat note through a process of reverting the note(s), through the mail or other means, to the MRU Foundation – the organization responsible for archiving and caring for the physical notes. There may be a processing fee for conversion.”

According to the website, the value of each McAfee Redemption Unit (MRU) is initially on the order of $9.95. Every MRU holder may convert the Fiat to crypto by sending the McAfee Promissory Notes to the MRU Foundation or they can choose to redeem it, which would give them some time to spend with Mr. McAfee:

“Redemption is purposely made very expensive. My followers are hugely loyal, and I feel certain that many will go through the time and huge expense for the opportunity to spend private time with me. See what this might do to the fundamental value of each redemption unit. If the value of a unit is based even remotely on the cost of redemption, which people are willing to pay, then the notes will immediately skyrocket. But the big key is in the way I have structured the auction sites. Cannot tell you more now.”

The idea of tokenizing time, although innovative, had already been proposed by another entrepreneur: Boris Akimov, the founder of Russian organic foods retailer LavkaLavka:

“It’s a simple idea in principle … I have certain skills, knowledge and experience, as well as my time … and that is what will be tokenized”

Boris Akimov

This is not entirely crazy for some economists who have a slightly more heterodox approach to reality:

“It’s like buying the time of a popular consultant,” says Ivanov, CEO of Polynom Crypto Capital in Moscow. “It’s the old basic principle of economy — time is money. He is tokenizing his time and selling it in advance.”

Also, in a response to John McAfee’s Tweet, an account that is supposed to belong to AEDAN Financial Corp quickly wrote about their works: The development of a crypto-backed monetary implementation of FIAT. Such a venture would have been filed with the SEC.

It seems that now cryptos want to counter-attack in their battle against FIAT.

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Bittrex Now Allows Fiat Purchases

The well-known crypto exchange Bittrex announced that it will allow the purchase of cryptos directly with FIAT, after having successfully negotiated an agreement with Signature Bank to process such payments.

Signature Bank is based in New York and will be the institution in charge of safeguarding the dollar funds deposited by Bittrex.

This agreement is especially important because it is made with a bank located in a place as complex as New York – which could soon abolish BitLicense.

In addition to driving a broader customer base for Bittrex, the fact that banks have this commercial interest is good news for cryptos in general.

The news was announced by the Bittrex communications team on their official blog, explaining in more detail the particularities of this process and its importance for future global adoption.

Bittrex Goes for Baby Steps

For now, only BTC, USDT and TUSD can be purchased in FIAT Dollars. That is to say, although the more than 200 altcoins are not bought directly with FIAT, the possibility of acquiring BTC as a standard pair and two stablecoins makes the process practically similar to direct purchase.

Another of the temporary barriers is the fact that the services will only be offered to corporate clients. This measure -explains the Bittrex team- is carried out for security reasons during service tests:

“We’re using a phased approach to establish the fiat market on Bittrex. It allows us to provide quality control and ensure customers experience the highest level of service possible. We’re rolling out the first phase today, which will enable fiat trading for approved corporate customers in qualified states and international regions. But don’t worry – this is only the beginning as we’ll continue to roll out additional phases to expand this offering to all qualified (non-corporate) customers over time.”

But the obstacles don’t stop there. To further control any damage in the event of a failure, service will be available primarily for certain territories within the United States only:

“During this first phase, fiat trading will be limited to approved corporate customers in the United States located in Washington State, California, New York and Montana. Qualified international customers may participate in the market as well.”

Good Things To Come for Bittrex Users (and Crypto Enthusiats in General)

It is important to note that the Bittrex team was emphatic in pointing out that their plan is “to continue to add to fiat trading to the top digital currencies on our platform.” However, they did not give dates, not even tentative dates.

The Bittrex team is quite optimistic about the future outlook for a more crypto-friendly system. In an interview with Bloomberg, 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 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.”

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After Rejecting Litepay, Mastercard Patents Its Own Blockchain Technology

Blockchain technology is gaining traction amongst mainstream financial service providers as the technology guarantees security, decentralization, cheaper transaction fees and faster ways of sending funds across the globe. Mastercard has also not been left behind in these developments. This is after it was rumored as being one of the payment card providers that refused to support Litecoin (LTC) and its Litepay project.

Mastercard has filed a blockchain system patent to store and verify identity data. The patent application was published on the 12th of April this year. In the abstract of the patent application, the team at Mastercard describes the patent in its intricacies. The team states that traditionally, proof of identy had been provided via government identification, credit cards and business cards and that such proof may be inaccurate or fabricated through fraud. They propose that there is a need for a technical solution to provide for the immutable storage of identity and credential data in a secure and verifiable manner.

This news is less than one month after Mastercard declared it had no interest in any cryptocurrencies unless they were backed by a Central Government somewhere in the globe. Ajay Banga, the CEO of Mastercard had been quoted as labelling all other cryptocurrencies without government backing as being ‘junk’.

The patent application proves that most financial service providers back the technology of blockchain but still continue to be against the current and major cryptocurrencies in the market. Perhaps this is a case where the big financial institutions are a bit afraid of the potential of crypto, that they want to talk ill about them. They would then proceed in launching their own technology on the blockchain and marketing it to the masses.

Litepay was a good idea and had planned to revolutionize crypto by allowing owners to use them for day to day transactions like the regular fiat and debit or credit cards. Users were to load their LTC onto the Litepay cards and use them for regular transactions. The currency conversions were to be done by the service in the back-end software. Price predictions before the Litepay cancellation had even put LTC at $1,000 by the end of the year.

[Photo source, PYMNTS.com]