itBit Raises $25 Million, Granted Charter by NYDFS to Operate Nationwide with FDIC Insurance
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....
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In April, Bitcoin Magazine reported that Bitcoin exchange itBit had filed for a banking license in New York. Later in May, itBit was granted a trust charter by the New York Department of Financial Services (NYFDS) under New York State banking law, 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. On September 2, itBit announced the appointments of Daniel "Danny" Alter as the company's new general counsel and chief compliance officer, and Kim Petry as chief financial officer.....
This piece has been updated with additional information regarding itBit's application filing. ItBit has filed an application for a state banking license in New York. In statements to CoinDesk, New York State Department of Financial Services (NYDFS) spokesman Matthew Anderson confirmed the filing. ItBit may be approved within the next few weeks, according to a report by Reuters, citing individuals with knowledge of the process. Notably, the banking license application reportedly names several well-known political and financial figures in the US, including former Federal Deposit Insurance....
New York bitcoin exchange itBit has closed $25m in Series A fundraising. The round drew support from a pool of new and existing sources including RRE Ventures, Liberty City Ventures and investor Jay W Jordan II. Raptor Capital Management chairman James Pallotta also participated in the round. ItBit further confirmed the addition of three new members to its board of directors: former Federal Deposit Insurance Corporation chairperson Sheila Bair; former New Jersey Senator Bill Bradley; and former Financial Accounting Standards Board (FASB) chairman Robert Herz. The three directors had....
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....
On July 21, 2015, Tyler and Cameron Winklevoss, the founders of Winklevoss Capital, filed an application with the New York Department of Financial Services (NYDFS) on behalf of Gemini Trust Company, LLC, which will operate as a New York Limited Liability Trust Company. According to a spokesperson, the Gemini exchange will be open to the general public as well as institutional investors once a Certificate of Authorization is issued by the NYDFS. Evan Greebel of Kaye Scholer is advising on this launch. This trust company structure is the same one used by NY-based bitcoin exchange itBit,....