ItBit

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ItBit, a N.Y. State-licensed trust company, provides bitcoin trading, OTC brokerage and custody services to institutions and professionals.

itBit
ItBit Logo.jpg
Founded 2013
Headquarters New York City
Key People Charles Cascarilla, Founder and CEO
Products Bitcoin exchange and broker; custody services
Twitter @itBit
Facebook @itBitwelcome
Website Itbit Home
Releases Company News
Blog Itbit blog

Background

ItBit, organized as a subsidiary of Paxos, offers institutional and professional traders a crypto-asset trading platform (CTP) as well as OTC brokerage services. It also offers bitcoin custody services in its regulated trust company.[1]

As of mid March 2019, ItBit was the 86th largest CTP in the world ranked by trading volume, according to CoinMarketCap, an online industry data aggregator and reporting service. ItBit lists cryptocurrency pairs including only Ether and bitcoin.[2]

ItBit was the first CTP registered by the New York State Department of Financial Services when it received its trust license on May 15, 2015.[3] In June 2019, ItBit was ranked sixth by CryptoCompare, which among other things provides a multi-dimensional ranking of CTPs' market quality.[4]

In a 2016 reorganization, itBit's bitcoin trading operation was separated from its blockchain services, which thereafter were provided under the name Paxos.[5]

At about the same time as the reorganization, itBit shed a couple of prominent alumni - Daniel Kim, who took a position at Gemini Exchange and Bobby Cho, who left to head Cumberland Mining Materials.[6]

CME Group announced on May 2, 2016, that it would include bitcoin prices from ItBit trading in its daily Bitcoin Reference Rate as well as its Real Time Index. The indexes are calculated by Kraken's London-based Crypto Facilities.[7]

On June 14, 2018 itBit announced that New York Department of Financial Services had granted it permission to expand its trading and custody services to bitcoin cash, litecoin, ethereum, and stellar lumens.[8]

In July 2018, itBIT confirmed that along with its partner ED&F Man it had arranged the first ever bitcoin EFP using CME's bitcoin futures.[9]

In a notice on its website on July 5, 2019, CME Group said that it was including itBit's Ether prices in the indexes calculated by Crypto Facilities.[10]

References