ItBit Nets $25 Million, Launches NYDFS-Approved Bitcoin Exchange

itBit LogoNew York bitcoin exchange itBit has closed $25m in Series A fundraising.

The round drew support from a pool of new and existing sources including RRE Ventures, Liberty City Ventures and investor Jay W Jordan II. Raptor Capital Management chairman James Pallotta also participated in the round.

ItBit further confirmed the addition of three new members to its board of directors: former Federal Deposit Insurance Corporation chairperson Sheila Bair; former New Jersey Senator Bill Bradley; and former Financial Accounting Standards Board (FASB) chairman Robert Herz.

The three directors had previously been tied to itBit through its banking license application filed in February, though last month the company declined to confirm their participation.

Perhaps most notably, however, itBit revealed that it has received a trust company charter from the New York State Department of Financial Services (NYDFS). According to separate statements from the NYDFS, itBit is the first company of its kind to receive a trust company charter.

In a statement, itBit co-founder and CEO Charles Cascarilla said that the approval gives the bitcoin exchange broad access to US-based customers, adding:

“Regulatory approval from the NYDFS allows us to serve as a custodian for

Read more ... source: CoinDesk