ItBit CEO: Bitcoin Can't Circumvent the Financial System
Competition in the US bitcoin exchange market continued to escalate last week with the announcement by New York-based itBit that it would open to consumers in all 50 US states. The decision comes amid a time when many US exchange market participants appear to be jostling for position ahead of the release of the final BitLicense regulatory framework this May. Coinbase launched its exchange product to customers in 24 states in January, while the Winklevoss Capital-backed Gemini intends for its launch to coincide with the release of the BitLicense. Despite the number of entrants competing for....
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The global Bitcoin exchange itBit has applied for a banking license with the New York Department of Financial Services (NYDFS). According to a Reuters report, approval for the license is expected in the next couple of weeks, which could make itBit the first Bitcoin company to be regulated as a bank. The spokespersons for itBit and New York's department of financial services have confirmed that the company had put in an application for the banking license however, the global Bitcoin marketplace hasn't released an official statement yet. Under the leadership of Charles "Chad" Cascarilla, the....
New York-based bitcoin exchange itBit is set to host a private gathering of financial industry professionals on Monday, 27th July. The all-day, invite-only "Bankchain Discovery Summit" will be held at one of the city's Convene locations, a meeting space provider operating in both New York and Washington, DC. Expected attendees are said to draw largely from major banks, brokerages and exchanges. An invitation obtained by CoinDesk reads: "Join us for the inaugural itBit Bankchain Discovery Summit. Interact with industry peers, hear from our panel of experts and address topical blockchain use....
ItBit has revealed new details about its formerly top-secret Bankchain project, a private consensus-based ledger system aimed at appealing to enterprise financial institutions. With the formal unveiling, the New York-based bitcoin exchange has joined the number of blockchain firms seeking to compete for the attention of banks that want to utilize the efficiencies of distributed databases without using bitcoin or its blockchain. In a new interview, Steve Wager, head of global operations for itBit, spoke at length about the project, rumors of which first began surfacing in late July.....
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....
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....