Following approval of the New York State Department of Financial Services (NYDFS), US-based cryptocurrency asset platform itBit has revealed that it will soon be offering trading and custody services for four new cryptocurrencies: Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Stellar Lumens (XLM).
It is understood that custody, over-the-counter (OTC) and escrow services will be available immediately, with full trading to be opened for the four new cryptocurrencies in the near future.
This is an important milestone for itBit as we create a broader platform for crypto asset investors. We are thrilled to be able to offer these new services to our customers.” – itBit CEO Chad Cascarilla.
itBit is actually the first ‘trust’ company to be approved by the NYDFS and trades anywhere from US$40 million – US$60 million daily. As itBit is seemingly quite popular with institutional investors, the additional onramps could potentially be a massive boon for each cryptocurrency, particularly Stellar Lumens (XLM).
By gaining this regulatory approval, we are now able to open the doors for individuals and institutions to access crypto assets beyond just Bitcoin. This is a critical moment that will enable greater participation in these assets in a regulated and safe manner.” – Andrew Chang, COO of itBit.
Having been established back in 2012, itBit is a mainstay of both the institutional and retail digital asset investment sphere and is backed by venture capital firms such as Canaan Partners, Liberty City Ventures and RRE Ventures.
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