Singapore Exchange itBit Slashes Fees, Adds New Features
Singapore-based bitcoin exchange itBit has lowered trading fees by as much as 50%, while also adding support for more payment options and new features to its platform. The exchange says its new trading fees range from 0.12% to 0.20% per side and that it will not charge deposit or withdrawal fees, but only pass on bank charges. 'Cost effective option'; itBit said in a statement that the new fees make it the most competitive exchange on the market: "While we still use a 'maker-taker' model, we have significantly reduced the volume required to achieve lower pricing while reducing taker prices....
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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....
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....
A new bitcoin exchange has launched, folks. Dubbed itBit, this new exchange has come to live with about $5.5 million in funding (after two rounds). The exchange began trading operations today for institutional and retail traders for mostly non-US organizations. Rich Teo, who has previously worked as a senior analyst at Cedar Hill Capital Partners and at Citigroup will be commanding the operation, and already, the company has offices in New York, Singapore, and even Shanghai. According to The Genesis Block, "Trading will be available is USD, SGD and EUR, with fees based on a maker-taker....
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....
Bitcoin exchange itBit announced today it would relocate its headquarters from Singapore to New York City. According to a post on its blog, the company also announced it is replacing its founding CEO Rich Teo with Charles Cascarilla, a founding partner in itBit's investor Liberty City Ventures. The announcement is somewhat surprising, since Singapore is often seen as a world financial and banking hub on par with Switzerland, and an easier place in which to conduct bitcoin business than the regulation-heavy world of the US. New York City, though, is still the world center of trading....