itBit to Launch as a Global Bitcoin Currency Exchange
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....
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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....
ItBit becomes the first US regulated exchange, but the EU might be about to harmonize digital currency law for 500 million people. On Thursday, May 7, Ben Lawsky tweeted out the now signed charter for ItBit, confirming its status as a registered trust business. This move allows ItBit to operate an online currency exchange between USD or other fiat currencies, and something like Bitcoin. Addressing the move in a press release on Thursday, Lawsky explained how he saw the chartering of ItBit as an important step in legitimizing and harnessing the potential of digital currencies for investors....
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....
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....
Itbit global Bitcoin Exchange. With all of the hoopla surrounding the Bitcoin ecosystem in the past few years, there are still many "firsts" Bitcoin, or a Bitcoin startup, has yet to achieve. One of those is the establishment of a true Bitcoin bank in the United States. Due to regulations, this is no easy task. To be sure, the banking community in many ways has been receptive to Bitcoin. Yesterday Reuters reported that Bitcoin exchange itBit has filed for a banking license in New York. Approval for the license could take a couple of weeks, according to sources for Reuters, which could....