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| Headquarters | New York City |
|---|---|
| URL | www |
| Launched | November 2013 |
itBit is a financial services company that offers bitcoin trading services. It provides a proprietary system known as "Bankchain", built on top of the bitcoin blockchain, that allows transactions to clear without direct access to the blockchain, and more efficiently than if direct operations on the blockchain were used.[1] The company was originally based in Singapore, but moved its headquarters to New York in 2014.[2][3]
Bitcoin exchange trust charter
editIn May 2015, itBit received a trust charter[2][3][4][5][6][7][8][9][10][11][12]: 362 from the New York State Department of Financial Services (DFS)[13][14] and became the first company to operate a regulated bitcoin exchange in the United States, with mandatory capital reserve requirements and FDIC insurance for dollar-denominated accounts.[15]: 696
Bitcoin derivatives pricing
editAs of December 2017[update], the U.S. Commodity Futures Trading Commission (CFTC), the federal agency that regulates futures and options trading, authorized the Chicago Mercantile Exchange (CME) to begin trading bitcoin futures. The CME announced its intention to open trading in bitcoin futures as of 18 December 2017[update]. The price of bitcoin futures will be based on the price of bitcoin itself on four major exchanges, one of which is itBit (the other three are Bitstamp, GDAX, and Kraken).[16]
References
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Lord, Steven (16 April 2016). "Bankchain and itBit: settling on the blockchain". Modern Trader. Archived from the original on 2017-09-17. Retrieved 2017-12-04.
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Campione, Joanna (7 May 2015). "Bitcoin comes to America: now, with regulated exchange". Yahoo! Finance. Archived from the original on 2017-12-06. Retrieved 2017-12-06.
{{cite web}}: Unknown parameter|dead-url=ignored (|url-status=suggested) (help) - ^ a b
Freifeld, Karen (7 May 2015). "New York banking regulator grants first charter to bitcoin company". #Credit. Reuters. Archived from the original on 2017-12-06. Retrieved 2017-12-06.
{{cite web}}: Unknown parameter|dead-url=ignored (|url-status=suggested) (help) - ^
Metz, Cade (8 May 2015). "NY backs bitcoin exchange. But it may not fly in California". Business. Wired. Archived from the original on 2017-09-17. Retrieved 2017-12-04.
{{cite web}}: Unknown parameter|dead-url=ignored (|url-status=suggested) (help) - ^
LaCapra, Lauren Tara (23 April 2015). "Bitcoin exchange itBit seeks New York banking license". Technology News. Reuters. Archived from the original on 2017-12-04. Retrieved 2017-12-04.
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Todd, Sarah (24 April 2015). "Bitcoin startup with all-star team makes bid to become trust". American Banker. Archived from the original on 2016-04-09. Retrieved 2017-12-04.
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Todd, Sarah (7 May 2015). "Bitcoin exchange itBit gets N.Y. trust charter, bank partner". American Banker. Archived from the original on 2016-09-12. Retrieved 2017-12-04.
{{cite web}}:|archive-date=/|archive-url=timestamp mismatch; 2016-09-24 suggested (help); Italic or bold markup not allowed in:|website=(help); Unknown parameter|dead-url=ignored (|url-status=suggested) (help) - ^
Popper, Nathaniel (7 May 2015). "Bitcoin exchange receives first license in New York state". Business and Policy. New York Times. Archived from the original on 2017-09-17. Retrieved 2017-12-04.
{{cite web}}: Italic or bold markup not allowed in:|website=(help); Unknown parameter|dead-url=ignored (|url-status=suggested) (help) - ^
Nasr, Reem (7 May 2015). "NY grants first banking license to bitcoin exchange itBit". CNBC. Archived from the original on 2017-09-17. Retrieved 2017-12-04.
{{cite web}}: Unknown parameter|dead-url=ignored (|url-status=suggested) (help) - ^
Starkman, Dean (7 May 2015). "N.Y. issues charter to bitcoin firm". Business. Los Angeles Times. Archived from the original on 2017-09-17. Retrieved 2017-12-04.
{{cite web}}: Unknown parameter|dead-url=ignored (|url-status=suggested) (help) - ^
del Castillo, Michael (7 May 2015). "With fresh $25M, NYC startup granted first bitcoin charter sets final stage for bitlicense". Banking and Financial Services. New York Business Journal. Archived from the original on 2017-01-18. Retrieved 2017-12-04.
{{cite web}}: Unknown parameter|dead-url=ignored (|url-status=suggested) (help) - ^ Hughes, Sarah Jane; Middlebrook, Stephen T. (Winter 2015–2016). "Developments in the law affecting electronic payments and financial services". Business Lawyer. Articles by Maurer Faculty, Paper 2041. 71 (1): 361–372.
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"NYDFS grants first charter to a New York virtual currency company: Bitcoin exchange "itBit"—based in New York City—receives license under New York banking law". Press release. New York: New York State Department of Financial Services. 7 May 2015. Archived from the original on 2017-09-24. Retrieved 2017-12-04.
{{cite web}}: Unknown parameter|dead-url=ignored (|url-status=suggested) (help) - ^
"NYDFS grants charter to "Gemini" Bitcoin exchange founded by Cameron and Tyler Winklevoss: three virtual currency firms have now received charters or licenses from NYDFS—Gemini, Circle, itBit". Press release. New York: New York State Department of Financial Services. 5 October 2015. Archived from the original on 2017-09-24. Retrieved 2017-12-04.
{{cite web}}: Unknown parameter|dead-url=ignored (|url-status=suggested) (help) - ^ Madura, Jeff (2018). International financial management (13th ed.). Boston: Cengage Learning. ISBN 978-1-337-26996-4.
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Sweet, Ken (1 December 2017). "Federal regulator gives OK for bitcoin futures to trade". Technology. Washington Post. Associated Press. Archived from the original on 2017-12-05. Retrieved 2017-12-05.
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