NEW YORK--(BUSINESS WIRE)--Global bitcoin exchange itBit today announced it is available to all U.S. retail and institutional bitcoin traders and will begin accepting U.S. customers immediately. Through a trust company charter, granted by the New York State Department of Financial Services (NYDFS), itBit has established the itBit Trust Company, organized under New York State banking law. This makes itBit the only U.S.-chartered and supervised bitcoin exchange able to offer unique protection and security for customers in full compliance with New York and federal law.
“Our mission at itBit has always been to create a trusted, institutional-grade exchange and regulatory compliance is an important pillar of that mission,” said itBit CEO and co-founder Charles Cascarilla. “Regulatory approval from the NYDFS allows us to serve as a custodian for our clients’ assets and expand our services to U.S. customers – the largest market of bitcoin traders in the world – and allows us to do so with the highest standard of care afforded by any Bitcoin company.”
With oversight from the NYDFS, the itBit Trust Company provides unparalleled security and protection for all client deposits and assets. All client deposits and assets, including both bitcoin and fiat currency, are held for customers in secure custodial accounts in order to ensure the safe return of customer balances. In order to provide further heightened protection, itBit has partnered with an FDIC-insured and regulated U.S. banking institution to provide assurances to all U.S. clients that their fiat balances are held in the U.S. and with the benefit of FDIC-insurance (up to $250,000 per account).
itBit Raises $25M in Series A Financing
itBit today also announced it has raised $25 million in funding to significantly scale its operations as it begins to onboard U.S. clients. Investors include existing investors RRE Ventures, Liberty City Ventures and Jay W. Jordan II, as well as new participants including Raptor Capital Management chairman James Pallotta. The capital will be utilized for investment in further expansion of products and services, as well as hiring across all functions including engineering, compliance, operations, marketing and customer service.
Government and Financial Services Leaders Join Board of Directors
Coinciding with the Series A raise, itBit has expanded its Board of Directors with the additions of Senator Bill Bradley, former FDIC Chairman Sheila C. Bair and former FASB Chairman Robert H. Herz.
- Senator Bill Bradley was previously the U.S. Senator for New Jersey (1979 - 1997), during which time he served on the Senate Finance Committee.
- Sheila C. Bair served as Chairman of the FDIC from 2006-2011, during one of the most turbulent economic eras in history, and was among TIME magazine’s 100 most influential people.
- Robert H. Herz was previously Chairman of Financial Accounting Standards Board (FASB), a senior partner at PricewaterhouseCoopers and chairman of the AICPA SEC Regulations Committee. He is on the boards of Morgan Stanley, Fannie Mae and Workiva, Inc.
“Bitcoin has the potential to transform the world of finance as we know it today,” said itBit board member Bill Bradley. “itBit can truly become the backbone of the entire Bitcoin ecosystem and help elevate its importance in finance, commerce and building new economies.”
itBit will hold a conference call for members of the press on Friday, May 8, 2015 at 9 a.m. EDT to discuss the news. Please contact firstname.lastname@example.org for access.
itBit is a global bitcoin exchange offering institutional and retail investors a powerful platform to buy and sell bitcoin.
By combining Silicon Valley innovation with Wall Street expertise, itBit is building next-generation digital currency products and services. itBit is institutional-grade, compliant and authorized to serve customers around the world.
Co-founded in 2012 by CEO Charles Cascarilla, itBit has offices in two key financial markets, New York and Singapore, enabling global customer service around the clock. itBit is venture-backed by RRE Ventures, Canaan Partners, Liberty City Ventures and angel investors including Jay W. Jordan II and James Pallotta.