US-based cryptocurrency exchange Bittrex has announced an agreement with a New York-based bank in order to start accepting deposits from users in US dollars.

Bittrex Inc., registered in Seattle, entered into agreement with the New York-based Signature Bank. The bank will begin servicing crypto-exchange's accounts and accepting deposits from its customers in US dollars.

According to Bloomberg sources, this step will allow corporate clients from a number of US states to buy cryptocurrencies using the US dollar and will lead to the growth of the number of users.

“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.”

Meanwhile, banking organizations are not eager to become partners of crypto-exchanges. Large financial institutions associated with strict government regulations on money laundering and "know your client" verification often avoided exposing their reputation to risks and denied banking services to cryptocurrency exchanges which are still associated with criminal activities. As a result, some crypto-exchanges could not accept deposits in fiat money, but only in cryptocurrencies.

Many cryptocurrency exchanges uses Tether (USDT) token as a digital analogue of the US dollar. But market participants suspect that the issuing company lacks of bank deposits that should back the issued tokens. In early February, the management of Bittrex announced plans to start trading and accepting deposits in US dollars, thereby squeezing the position of Tether. In early March, Bittrex added to the listing a new token, pegged to the US dollar, TrueUSD (TUSD). Unlike Tether, the issuing company of TUSD tokens claims that it conducts audits on a regular basis and is prepared to confirm the existence of real bank deposits in US dollars.

The number of Bittrex users exceeds 3 million.