ItBit, a crypto token trading system, has acquired acceptance from the New York Point out Division of Money Products and services (NYDFS) to supply trading and custody services for Ethereum (ETH), Litecoin (LTC), Stellar Lumens (XLM) and Bitcoin Hard cash (BCH). ItBit will begin with offering custody, escrow and above-the-counter trading services for these new belongings, with system trade trading to adhere to.
The 4 cryptocurrencies join Bitcoin which ItBit has been offering because inception. The organization now features five of the ten premier crypto belongings, symbolizing two-thirds of the total crypto asset market. “We program to keep on to increase much more belongings in the around phrase,” ItBit’s CEO Chad Cascarilla instructed CoinJournal.
ItBit will be introducing further products and performance in the around phrase.
“We have a comprehensive merchandise roadmap with some of the around phrase priorities about collateral services, upgraded trading motor and get varieties to further crypto belongings,” Cascarilla included.
In a statement, Cascarilla mentioned that the acceptance from the NYDFS was “an essential milestone for ItBit as we build a broader system for crypto asset investors.”
“We are committed to the expansion and evolution of this ecosystem and NYDFS acceptance makes it possible for us to supply much more trading and custody services throughout a broader array of crypto belongings,” he mentioned. “Regulatory oversight and security have usually been at the forefront of making our system. We are thrilled to be ready to supply these new services to our customers.”
Andrew Chang, COO of ItBit, mentioned the acceptance will allow the organization to convey these well-liked crypto tokens to the broader viewers.
“By attaining this regulatory acceptance, we are now ready to open up the doorways for individuals and institutions to access crypto belongings over and above just Bitcoin,” Chang mentioned. “This is a critical second that will permit bigger participation in these belongings in a controlled and secure fashion.”
Started in 2012, ItBit was the to start with trust organization to receive acceptance from the NYDFS to supply trading and custody services for crypto belongings. It claims to be the 2nd premier US-primarily based Bitcoin trading system by quantity. ItBit has offices in New York and Singapore and is backed by RRE Ventures, Canaan Companions, Liberty City Ventures and angel investors together with Jay W. Jordan II and James Pallotta.