It was announced nearly a year ago, that USD markets would be coming to the popular altcoin exchange Cryptsy.com. Now, that dream is about to become an altcoin reality.
While Bitcoin has dozens of services, ATMs, and exchanges, where users can purchase the digital money, the choices for consumers wishing to invest in altcoins has been limited. For the most part, these investors have been forced to visit one of the many bitcoin services to buy bitcoin, and then transfer those bitcoins to Cryptsy where they could exchange them to buy any number of 150 cryptocurrencies.
This hoop jumping had created a bottleneck by making the buying of altcoins cumbersome and time consuming. Cryptsy founder Paul Vernon, aka BigVern, is about to crack that bottleneck wide open.
Last week, company official Bitjohn, made a post on bitcointalk confirming the addition of USD was in the works but had been delayed due to compliance requirements.
Cryptsy is and will add USD the reason it takes so long is due to compliance. We will be 50 state compliant. As far as the conspiracy theorists etc we have compliance officers and outside auditors we are in Florida you can drive to our offices there is no shady conspiracy.
It wasn’t easy, and it took nearly a year to complete, but based on a notice first appearing yesterday inside the Cryptsy account dashboard, it appears the technical and regulatory hurdles, presented by adding a USD market, have been conquered. Now, upon logging into the site and visiting the USD market area, a message is displayed informing the user that ID verifications will begin within the next week.
water_walkIn December, Barry Silbert, founder and chief executive of SecondMarket, said that Wall Street was three to six months away from moving into Bitcoin in a big way. He predicted that Wall Street was preparing to dive in and pour vast amounts of institutional and investor money into the digital currency.
Now, thanks to a man that one bitcointalk user proclaimed could have “taught Jesus to walk on water”, some of that Wall Street institutional and investor money can also flow directly into alternative cryptocurrencies like Dogecoin (DOGE), Litecoin (LTC), and Feathercoin (FTC).