itBit creates Bitcoin exchange platform

By Marc Castro

Nov 12, 2013 02:42 PM EST

itBit, the digital currency exchange, unveiled its latest platform for Bitcoin trading in US Dollars, Singaporean Dollars and in Euros. The platform provides a new level of professionalism and security to Bitcoin transactions. 

The platform can be accessed directly on its website by institutional investors as well as commercial businesses and retail investors, when located outside the United States. The exchange would operate as a traditional currency exchange with a central limit order book system. The platform also provides Bitcoin wallet capabilities, thus allowing traders to store and access their Bitcoin directly and conveniently on the itBit platform. 

According to itBit co-founder and CEO Rich Teo, "Bitcoin is a global currency, which enables immediate transactions directly between two people, no matter where they are in the world. Fully realized, Bitcoinwill fuel a truly global economy and give the power and security of digital payments to the unbanked. We built itBit to be part of the underlying infrastructure that supports that greater global economy."

The company recently announced the fulfillment of a USD3.25 million worth of venture capital fundraising. This was headed by Canaan Partners and RRE Ventures, with additional investments coming from Liberty City Ventures and angel investors such as Jay W. Jordan II and Ben Davenport. itBit has laid out plans to utilize the funding for its global operations, expansion of its offers and seek out further regulatory approvals. Because of this funding round, a further USD5.5 million in institutional capital was raised.

According to Canaan Partners General Partner Dan Ciporin, "Bitcoin is one of the most promising payment innovation protocols that exists today. A reliable exchange is of critical importance to the Bitcoin ecosystem, and itBit has put together a compelling offering that is not only fully compliant but also one of the most elegant and easiest to use exchange platforms that currently operates in that ecosystem. With its state of the art trading, trading capabilities, itBit introduces Bitcoin to a heightened level of sophistication, security and reliability."

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics