itBit received the green light from the New York State Department of Financial Services (NYDFS) to diversify its offer with four more cryptocurrencies.
The cryptocurrency exchange is adding in addition to Bitcoin (BTC): Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Stellar Lumens (XML) trading options. For its crypto trading pairs, itBit will provide custody escrow and over-the-counter (OTC) services.
itBit is the first cryptocurrency exchange to receive authorization from NYDFS under the New York Banking Law as a licensed company. For this, the platform has adapted its operational management to the regulatory standards of the state in which it operates.
“This is an important milestone for itBit as we create a broader platform for crypto asset investors,” stated Charles Cascarilla, CEO and co-founder of itBit.
Asked by CoinDesk about the company’s interconnection with the DFS, Cascarilla wrote that “the DFS has been very innovative in the way they have viewed the crypto-asset ecosystem” and that he is keen to keep the collaboration.
If we were to get back in 2016 when the company rebranded its name in Paxos, itBit brand remained on the waiting line for the company’s future exchange platform. itBit still manages its operations individually from other divisions and aims to support blockchain-based startups (such as Bankchain).
During last month, Paxos managed to raise $ 65 million in a financing project from important investors such as Liberty City Ventures, RRE Ventures, and Jay Jordan. As a cryptocurrency trading platform, getting the license helps the company to “open the doors for individuals and institutions to access crypto assets beyond just bitcoin,” explained Andrew Chang, COO of itBit.