Cryptocurrency exchange itBit has received approval from the New York State Department of Financial Services (NYDFS) to list and store four major cryptocurrencies. The company's press release states that now, along with bitcoin, the exchange can now trade, store and carry out over-the-counter transactions with bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and stellar lumens (XLM).
ItBit became the first exchange to receive a cryptocurrency license under the US Banking Act in New York.
“This is an important milestone for itBit as we build a broader platform for cryptocurrency investors,” said Charles Carcarilla, CEO and co-founder of itBit Exchange.
Regarding the exchange’s relationship with the Department of Financial Services, Carcarilla noted the regulator’s innovative approach to the cryptocurrency asset ecosystem, and stated that he would be glad to cooperate in the future.
As part of the rebranding in 2016, the company became known as Paxos, and the itBit brand began to be used exclusively for exchange activities. ItBit continues to operate as a separate division that promotes private blockchain projects such as Bankchain.
Last month, Paxos completed a second round of funding worth $65 million, led by existing investors including Liberty City Ventures, RRE Ventures and Jay Jordan.
“Obtaining the license to list four more cryptocurrencies will allow ItBit to expand the range of services it offers to clients,” said Andrew Chang, chief operating officer. itBit.
According to coindesk
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