Cryptocurrency is the latest rage when it comes to virtual online currency exchange led by the rapid growth of Bitcoin as an alternative money transfer option. Above all, this is true in the online gambling industry given the sheer amount of financial transactions that take place on a daily basis when it comes to betting on sports or gambling on slots and table games at online casinos. Bittrex has quickly established its ” cryptocurrency exchange” service for bitcoins as one of the fastest growing companies in this fast-growing industry. In a recent article posted on Cointelegraph.com. Their company CEO Bill Shihara confirmed during a Unikrn Radio Podcast with Unikrn CEO Rahul Sood on Jan.31 that Bittrex has big plans for 2018 starting with the opening of USD trading to the majority of its existing customers.
Why Is Bittrex Planning Major Expansion Starting with USD Trading?
The company was founded back in 2013 by Shihara along with a pair of business partners that were formal with Microsoft in the field of security. Above all, this forms the solid foundation for growth over the next few years. Bittrex made headlines last October when it decided to disable thousands of user accounts to institute compliance reviews with no advanced warning.
Significant Stumbling Block To Expansion And New Growth
Most importantly, this led to the decision in December to temporarily closes its services to new users. While this may have appeared to be a significant stumbling block to expansion and new growth, the company was more concerned with ensuring that it could accurately verify user’s information in light of such massive demand.
Good News For Bittrex.com
The good news coming out of Bittrex these days is that it should only be a matter of time before the company reopens its currency exchange service to new customers. Once the proper number of support contractors handling the verification process is in place, it should resume. Shihara went on to say that additional requirement to open an account will be put in place, most notably are minimum trade requirements. When it comes to the company’s new users, he wants to ensure that they are “people that understand what they are doing.”
Shihara also added in the recent podcast, “I don’t think that Bittrex will ever be a retail shop. I’m not looking to be the Fidelity for crypto”. Above all, this sets the course for attracting the company’s target market of institutional traders and more sophisticated users of its products.
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What Does The Future Holds For Bittrex.com?
What the future holds for Bittrex in the coming year remains to be seen, but the direction it wishes to take has become rather clear. There was some mention of a possible partnership with South Korea’s Upbeat as another currency exchange company, which would give Bittrex access to a retail shop. He did elude the idea that there are some partnerships “in the pipeline” as part of the company’s expansion plans in 2018.
“If we want Bitcoin to be ubiquitous and traded around the world, we need governments and institutions adopting it” Part of the process plans meetings with the Securities and Exchange Commission (SEC) to further the company’s initiatives.