Cryptocurrency exchange itBit states it’s received acceptance from the NY State Department of Financial Services to add four big cryptocurrencies at its trading and custody services. Additionally to bitcoin, itBit will now provide custody, escrow, and over the counter trading services for bitcoin cash, ethereum, litecoin and leading lumens, with stage trade trading to follow, based on a media release. As the first company to be granted a charter under the NY Banking Law by the NYDFS as a certified cryptocurrency exchange, its latest regulatory endorsement set new standards for what’s feasible for trade platforms working in the nation. We’re committed to the growth and evolution of this ecosystem, stated Charles Cascarilla, Chief executive officer and co creator of itBit.
In reference to the business’s relationship with the DFS, Carcarilla told CoinDesk in an e-mail that the DFS was very innovative in the manner in which they’ve viewed the crypto asset ecosystem which looks forward to continuing cooperation in the future. In a rebrand back in 2016, the company shifted to the name Paxos, although the itBit brand was retained just for its exchange business. ItBit still functions as a separate division from the others that take a concentrate on advancing private blockchain jobs like Bankchain. Just last month, Paxos closed a $65 million Series B financing round led by existing investors like Liberty City Ventures, RRE Ventures and Jay Jordan.
As a cryptocurrency exchange offering many different Trading solutions, itBit’s enlarged license is imagined to open the doors to individuals and institutions to get crypto assets beyond only bitcoin, Andrew Chang, COO of all itBit, stated in the release. Cryptocurrency picture via Shutterstock. The leader in blockchain news, CoinDesk is a media outlet that tries for the greatest journalistic standards and complies with a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.