itBit to List Four New Cryptocurrencies
Institutional cryptocurrency exchange itBit has announced that it has been granted approval by the New York of Financial Services (NYDFS) to list four new cryptocurrencies. These include Bitcoin cash (BCH), Litecoin (LTC), Ethereum (ETH), and Stellar (XLM).
According to itBit, it runs the second largest US bitcoin trading platform by total volume. The company’s request to list these assets has been approved by the NYDFS. This will go a long way in offering investors competent custodial services, which will only be available to institutions as well as high profile volume traders.
Approval A Key Milestone For The Company
itBit’s CEO Chad Cascarilla asserts that this is a vital revolutionary occurrence for the company since it creates a wider platform for crypto asset investors. He also declared itBit’s commitment to the development as well as advancement of the ecosystem and the approval by NYDFS now permits them to provide more trading and custody services.
New York A Hub For The Global Financial Sector
Described by the cryptocurrency industry executives as a ‘crypto backwater’ New York is seen as a key hub for the global financial sector. This is the reason why it has become vital for the state to increase regulation of the crypto industry.
By gaining this very important approval, the company is now in a position to open the doors for individuals as well as institutions to access not just Bitcoin, but also the other four new cryptocurrencies. This is therefore a momentous milestone which will facilitate greater involvement in these assets in a structured and secure way.