itBit raises $3.25 Million to build finance-grade bitcoin trading platform
A new virtual currency exchange has raised $3.25m to fund the expansion of its operations. Singapore-based itBit, which has raised $5.5m in funding to date, will use the money to bring institutional investment technology to bitcoin. "itBit is the first bitcoin exchange built on global equities exchange standards, therefore offering a new level of professionalism, reliability and security to bitcoin trading," CEO Rich Teo and CTO Jason Melo of itBit told CoinDesk. The recent round was funded by Canaan Partners and RRE Ventures, along with Liberty City ventures and other individual angel....
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As increased exposure hits bitcoin in the form of mainstream attention, the more interest in its business potential. As a result, 2013 was by far the biggest year for venture capital funding in the bitcoin space. And while some have proclaimed that next year will be even bigger, this past one has been pretty heady. Let's take a look at five of the biggest bitcoin venture capital deals of 2013. 5. itBit. Total VC to Date: $3.25m. Major Investors: Canaan Partners, RRE Ventures, Liberty City Ventures. Access to bitcoin in the form of an investment-grade trading platform still eludes the....
Today, international bitcoin exchange itBit announced it had been granted a trust charter by the New York Department of Financial Services (NYFDS) under New York State banking law. This is the first such charter granted to a digital currency company by the NYDFS. ItBit also announced the successful completion of a $25 million Series A funding round and the expansion of their board of directors. Under the charter granted to itBit by the NYFDS, itBit is now able to accept customers from all 50 U. S. states in full compliance with state and federal law. "We have sought to move quickly but....
This morning, Bitcoin Magazine had the privilege of speaking with CEO and co-founder of itBit, Richmond Teo and also representatives from Liberty City Ventures. Today, itBit announced its official opening and global platform for the trading of Bitcoin with US dollars, Singapore dollars and Euros. itBit is a Singapore based exchange with the intent of reaching out globally to provide a platform for institutional investors to utilize Bitcoin in new ways and to take Bitcoin to the next level. CEO and Co-Founder, Richmond Teo, created itBit to serve as a Bitcoin exchange that covers global....
London-based bitcoin derivatives platform BTC.sx has partnered with global exchange itBit to integrate its BTC-USD trading currency pair with the bitcoin exchange's existing offerings. Joseph Lee, co-founder and CEO of BTC.sx, said the bitcoin exchange ecosystem is now entering its second phase of development, one he believes will be characterized by advanced financial services that go beyond simple currency exchange. Speaking to CoinDesk, Lee explained how the integration will aim to bolster the current platform itBit users have come to expect: "The platform essentially emulates what an....
Singapore and New York based bitcoin exchange itBit has introduced its itBit Global OTC Agency Trading Desk, a service that specializes in facilitating over-the-counter (OTC) transactions. OTC transactions are bulk trades for bitcoin that are made outside of an exchange's regular order book. It is an often used form of trading when large amounts of bitcoin are involved, in order to prevent bitcoin's exchange rate from either slipping or rising due to one large volume buy or sell. Bobby Cho, Director of Trading at itBit, said: “Up until now, the OTC bitcoin trading market has been operating....