The New York-based exchange now lists 5 coins - Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Stellar Lumens for trading. It will also extend its custody and escrow services to the new coins that it presently provides for Bitcoin. The exchange will also suggest OTC trading services, which are necessary for the institutional investors.
This is an important milestone for itBit as we create a broader platform for crypto asset investors. We are committed to the growth and evolution of this ecosystem and DFS approval allows us to offer more trading and custody services across a wider range of crypto assets. Regulatory oversight and security have always been at the forefront of building our platform. We are thrilled to be able to offer these new services to our customers.
itBit was the first exchange to acquire an operating license the New York Banking Law by the NYDFS. Though the firm is proud of its regulatory compliance, it was rather close to the end of the recent CFTC subpoenas, that the agency sent out to 4 crypto exchanges suspecting Bitcoin price manipulation.
We also expect to see greater institutionalization of the space as traditional financial players develop the understanding and comfort to begin participating in the ecosystem.
The itBit CEO also stated that the exchange expects to see continued differentiation as the more reliable and useful crypto assets and utility tokens get the momentum in a couple of years.