Bitfinex has added fiat pairs for TRON (TRX) and Litecoin (LTC) in its latest round of expansion. The pairs, which started appearing in May 2018, add to the liquidity but also allow for an easier direct purchase of crypto assets.
Following the news, the prices of LTC and TRX continued to slide amid a general downward trend. LTC fell to $51.76 as of 9:30 UTC, losing 7.5% in 24 hours, while TRX lost 7.4%, slipping to $0.018.
Bitfinex fiat trading remains limited to individuals and corporations outside the US and certain territories specified in a recently updated shortlist. Those located in states not featured on the list are only eligible for participation in USDT markets.
While LTC offers several ways for direct fiat investment, Coinbase being one, TRX is just building up its base of exchanges from a dollar-based perspective. TRX is available for limited purchases from Changelly, but Bittrex may increase volumes. A relatively older exchange, Bittrex is aiming to compete with other large markets and recently attracted the attention of Weiss Ratings:
The fiat markets on Bitfinex are still limited, with BTC pairs having around $2.4 million in volumes in 24 hours and making up a fraction of total BTC trades. The ETH/USD pair has volumes of some $580,000 in 24 hours, while the respective amount for XRP/USD is around $101,000 as of September 18.
The reasons for the slow activity are the requirements for full disclosure and regulation, as well as the protracted bear market. The fiat pairings are also rather new and offer little utility for traders, unlike the USDT pairings, where the higher liquidity draws in even more traders. The fiat pairings provide the ability to withdraw direct funds into fiat. Bittrex volumes exceeded $52 million in 24 hours, but most of the trades are crypto-to-crypto.
Fiat exchanges are starting to recover partly due to finding jurisdictions liberal enough to provide banking services. Recently, Binance announced plans for a fiat-to-crypto exchange based in Singapore.