RATE Group | Bittrex Crypto Exchange Transitions to ERC-20 Implementation of Tether
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Bittrex Crypto Exchange Transitions to ERC-20 Implementation of Tether

06 Aug Bittrex Crypto Exchange Transitions to ERC-20 Implementation of Tether

Posted at 02:19h in Cryptocurrency News by

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American cryptocurrency exchange Bittrex has completed switching Tether (USDT) from the OMNI-based implementation of the stablecoin to the ERC-20 standard on the Ethereum network. 

Bittrex announced that USDT deposits and withdrawals are now open in a tweet on Aug. 5. The exchange had temporarily suspended USDT deposits and withdrawals while making the switch.  

“Quicker, cheaper, and more inter-operable transfers”

Bittrex initially announced that it would be switching protocols on July 25. With the move, Bittrex is looking to provide its users with faster, cheaper and more inter-operable transfers of USDT. Specifically, the exchange will lower withdrawal fees to 1 USDT. The announcement further explains:

“Once the swap is complete, all USDT from Omni network addresses can no longer be sent to Bittrex, and USDT from Bittrex accounts cannot be sent to Omni network addresses.”

Bittrex also notes that it will re-enable the USDT wallet once both the exchange and the Tether team…

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