Investors now have a new way to purchase cryptocurrencies using U.S. dollars. Bittrex, a Seattle-based cryptocurrency exchange, has struck an agreement that allows investors to buy digital coins with American dollars.
In the past, only coins traded on Coinbase, a digital currency exchange in California, could be bought with dollars. That is a fraction of the approximately 1500 digital coins floating around the universe of cryptocurrenices.
To buy any of the other coins, investors had to convert their money to bitcoin first. Now they have Bittrex.
Founder and CEO Bill Shihara told CNBC that the goal is to “expand out to as many markets as possible on Bittrex,” he said on “Fast Money” Friday. “As well as expand it so that every customer on Bittrex will be able to have access to U.S. dollar trading,” he said.
The exchange might even help move the market. Since so many alt coins could only be purchased by way of bitcoin, the value of bitcoin and many other digital currencies were closely correlated. Read more from cnbc.com…
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