Seattle-based Bittrex, one of the top cryptocurrency exchanges in terms of trade volume around the world, announced on August 29th that it is enabling fiat trading pairs for Zcash (ZEC) and Cardano (ADA).
The news was initially tweeted by Bittrex’s official account, and later confirmed by an email sent to subscribers.
Cardano is termed a ‘third-generation blockchain’, built by IOHK alongside a Trans-Atlantic trio of Universities, which promises to address the concern of interoperability and scalability by using blockchain configuration.
Zcash is best known as a privacy coin, that utilises so-called ‘zero-knowledge proofs’, to obfuscate the sender and receiver and amount involved in any given transaction, while recording the time it took place to its blockchain.
The approval of crypto-fiat pair by one of the biggest exchanges demonstrates – and an American one, at that – will been seen as an endorsement of the trustworthiness, legality, and legitimacy of the cryptocurrencies in the eyes of many. Indeed, Bittrex’s Twitter community has received the announcement well, shown by the fact that in just a couple of hours the tweet received more than 1000 likes and 500 retweets, with positive comments from crypto enthusiasts.
An important point to note in the announcement is that crypto-fiat trading isn’t for everyone yet. Due to regulatory reasons, only a couple of states in the US are eligible to access the crypto-fiat markets Bittrex offers. The exchange itself recommends that those unable to take part in direct trading use Tether (USDT), a coin with a constant value of $1 instead.
Bittrex also explains exactly who can trade in USD, and it says:
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
In order to apply for the trade, users need to fill out this form.