itBit Expands To Offer Trading For Ethereum, Bitcoin Cash, Litecoin And Stellar Lumens 14789
News
Sharat Chandra
Jun 14, 2018 at 8:44 PM

itBit is a global crypto asset exchange platform for institutional and active traders to buy and sell crypto assets securely. The platform offers deep liquidity, low fees, and robust API services. itBit announced today it had secured approval from the New York State Department of Financial Services (NYDFS) to provide expanded trading and custody services for Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Stellar Lumens (XLM). itBit would begin immediately offering custody, escrow and OTC trading services for these new assets, with platform exchange trading to follow.

Department of Financial Services had issued a virtual currency charter in May 2015 to itBit, now Paxos Trust Company, a subsidiary of Kabompo Holdings Ltd., which manages the itBit exchange, to offer services for buying, selling, sending, receiving, and storing bitcoin. Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services had conferred a virtual currency license to Paxos Trust Company LLC, previously known as itBit Trust Company, to offer exchange and custody services for Ether, Litecoin, Stellar Lumens, and Bitcoin Cash, emerging cryptocurrencies, on its cryptocurrency platform.

“This is an important milestone for itBit as we create a broader platform for crypto asset investors. We are committed to the growth and evolution of this ecosystem, and DFS approval allows us to offer more trading and custody services across a wider range of crypto assets,” said Chad Cascarilla, CEO of itBit. “Regulatory oversight and security have always been at the forefront of building our platform. We are thrilled to be able to offer these new services to our customers.”

itBit now provides service to five of the ten most substantial crypto assets, roughly accounting for two-thirds of the total crypto asset marketplace. itBit's commitment to growth and evolution of the crypto ecosystem would open gates for investors and individuals alike to dabble in cryptocurrencies beyond Bitcoin.

Image via itBit Facebook Page

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