NYDFS Allows Paxos Trust Company For ETH, BCH, LTC and XLM OTC Trading on itBit
The New York Department of Financial Services (NYDFS), has given authorization to Paxos Trust Company to add support to four important cryptocurrencies in the market. Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and Stellar Lumen (XLM) will be now available Paxos’ OTC trading platform.
This is a great information coming from New York, because since yesterday (June 14), these virtual currencies are available on the itBit digital asset exchange. It is important to take into account that Paxos Trust Company, Gemini Trust Company, and Coinbase Inc. are three of the eight different exchanges that have been approved and licensed by the NYDFS for charters to trade virtual currencies.
This shows the NYDFS as an open and industry-forward regulatory body that wants to let innovation occur on its territory.
In an official statement that was released on June the 14th, the Financial Services Superintendent, Maria T. Vullo, explained that it shows the commitment that New York had to create a global fin-tech marketplace.
“Today’s actions represent New York’s continued commitment to creating a thriving, global fintech marketplace. Through strong and thoughtful regulatory oversight by DFS, consumers and the virtual currency market alike will continue to benefit.”
itBit exchange has been one of the first companies to start the difficult way towards regulatory approval before launching the trading service to the public. The company has been launched in 2012 and since that moment is working trying to acquire the local license needed to operate.
The company expresses that this is a very important milestone for itBit due to the fact that they are able to create a broader platform for crypto investors. WIth these regulatory permits, the platform shows that it is at the forefront of the market.
itBit Expands Its Services
itBit exchange will be launching escrow, custody, and OTC trading services for different virtual currencies in the market, including Ethereum, Litecoin, Bitcoin Cash, and Stellar Lumens – which altogether have a market capitalization of $70 billion dollars.
During an interview with Forbes, Paxos CEO, Charles Cascarilla said that they are all the time thinking about how to improve the platform and offer new products to the investors.
“We’re starting to gain a lot of momentum here… We just keep thinking about how we can add new products that will help our customers,” he commented.
During this year, itBit will also launch a platform exchange and crypto futures trading for different digital assets.