ItBit, a crypto token trading platform, has received approval from the New York State Department of Financial Services (NYDFS) to offer trading and custody services for Ethereum (ETH), Litecoin (LTC), Stellar Lumens (XLM) and Bitcoin Cash (BCH). ItBit will start with offering custody, escrow and over-the-counter trading services for these new assets, with platform exchange trading to follow.
The four cryptocurrencies join Bitcoin which ItBit has been offering since inception. The company now offers five of the ten largest crypto assets, representing two-thirds of the total crypto asset marketplace. “We plan to continue to add more assets in the near term,” ItBit’s CEO Chad Cascarilla told CoinJournal.
ItBit will be adding additional products and functionality in the near term.
“We have a comprehensive product roadmap with some of the near term priorities around collateral services, upgraded trading engine and order types to additional crypto assets,” Cascarilla added.
In a statement, Cascarilla said that the approval from the NYDFS was “an important milestone for ItBit as we create a broader platform for crypto asset investors.”
“We are committed to the growth and evolution of this ecosystem and NYDFS approval allows us to offer more trading and custody services across a wider range of crypto assets,” he said. “Regulatory oversight and security have always been at the forefront of building our platform. We are thrilled to be able to offer these new services to our customers.”
Andrew Chang, COO of ItBit, said the approval will allow the company to bring these popular crypto tokens to the broader audience.
“By gaining this regulatory approval, we are now able to open the doors for individuals and institutions to access crypto assets beyond just Bitcoin,” Chang said. “This is a critical moment that will enable greater participation in these assets in a regulated and safe manner.”
Founded in 2012, ItBit was the first trust company to receive approval from the NYDFS to offer trading and custody services for crypto assets. It claims to be the second largest US-based Bitcoin trading platform by volume. ItBit has offices in New York and Singapore and is backed by RRE Ventures, Canaan Partners, Liberty City Ventures and angel investors including Jay W. Jordan II and James Pallotta.