itBit, the first company to receive a charter under the New York Banking Law from the New York State Department of Financial Services (NYDFS), has received the approval from the regulator to offer expanded trading and custody services for Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Stellar Lumens (XLM).
With this, itBit will be offering 5 of the 10 largest crypto assets, representing two-thirds of the total crypto asset marketplace. It said that it will start immediately offering custody, escrow and OTC trading services for these new assets, with platform exchange trading to follow.
"This is 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 DFS approval allows us to offer more trading and custody services across a wider range of crypto assets," said Chad Cascarilla, CEO of itBit. "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."
Co-founded in 2012 by CEO Charles Cascarilla, itBit is venture-backed by RRE Ventures, Canaan Partners, Liberty City Ventures and angel investors including Jay W. Jordan II and James Pallotta. It rebranded as “Paxos” in September 2016 but kept the “itBit” brand for its exchange business.
Paxos recently raised $65 million in a Series B financing round, bringing the total funding till date to $93 million.
