itBit debuts bitcoin exchange with USD3.25 million in funding

By VCPOST Staff Reporter

Nov 11, 2013 07:40 PM EST

Bitcoin exchange startup itBit raised USD3.25 million in a financing round co-led by RRE Ventures and Canaan Partners. Liberty City Ventures and angel investors Ben Davenport and W. Jordan II also participated in this round. This was according to a report published by TechCrunch.

itBit would use the new round of funding to launch its Bitcoin exchange currency and expand its operations globally. The company had raised a total of USD5.5 million in funding to date, the report said.

Unlike many of the exchanges out there, itBit provides bank-like security and compliance to legitimize the market. It has a higher level of security and authentication that screens suspicious activity. The company hopes to lure financial organizations and more retail investors to its client base, TechCrunch said.

At present, itBit trades between Bitcoin and Euros, Singapore dollars, and US dollars. The Singapore-based startup can handle a trading volume more than the Bitcoin's present trading. It uses Nasdaq exchange technology to support millions of trades per second. itBit also runs a 24/7 customer service system, the report explained.

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