ItBit Exchange Adds 4 New Cryptos for Investors

Cryptocurrency exchange itBit says it has received approval from the New York State Department of Financial Services to add four major cryptocurrencies to its trading and custody services.

In addition to bitcoin, itBit will now offer custody, escrow and over-the-counter trading services for bitcoin cash, ethereum, litecoin and stellar lumens, with platform exchange trading to follow, according to a press release.

As the very first company to be granted a charter under the New York Banking Law by the NYDFS as a licensed cryptocurrency exchange, its latest regulatory approval set new standards for what is possible for exchange platforms operating in the state.

"We are committed to the growth and evolution of this ecosystem," said Charles Cascarilla, CEO and co-founder of itBit.

In a rebrand back in 2016, the company shifted to the name Paxos, while the itBit brand was kept solely for its exchange business.

ItBit still operates as a separate division from others that take a focus on advancing private blockchain projects such as Bankchain.

Just last month, Paxos closed a $65 million Series B funding round led by existing investors including Liberty City Ventures, RRE Ventures and Jay Jordan.

As a cryptocurrency exchange offering a variety of trading services, itBit's expanded license is envisioned to "Open the doors for individuals and institutions to access crypto assets beyond just bitcoin," Andrew Chang, COO of itBit, said in the release.

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