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The New York State Department of Financial Services (NYDFS) has given approval to itBit to add four new digital currencies to its operation, according to Cointelegraph. In the past, the trading platform dealt only with Bitcoin (BTC).
But with this authorization, it has added Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Stellar (XLM) to its trading and custody business. The approval of the NYDFS automatically grants the company escrow, custody, and over-the-counter services to the newly added cryptocurrencies.
Charles Cascarilla, CEO of itBit, expressed the importance of these additions as they will pave the way for the company to extend the reach of its platform in the crypto market. “We are committed to the growth and evolution of this ecosystem and DFS approval allows us to offer more trading and custody services across a wider range of crypto assets,” Cascarilla added.
When Coindesk asked about the perspective of the Department of Financial Services on crypto, the CEO wrote in an email that the agency has been “very innovative” in its approach to the crypto-asset market. Cascarilla added that he’s looking forward in future collaboration with the department.
While Binance holds the number one spot among the largest crypto exchanges globally, the NYDFS approval will surely create a positive impact on the standing of the company in the crypto exchange ladder. Currently, itBit is ranked 33rd with a $46,430, 500 24-hour trade volume at press time.
It should also be noted that itBit is but an extension of its main division, Paxos. In 2016, itBit changed its name to Paxos after a rebranding phase. The company then decided to keep itBit as a branch that deals in crypto exchanges, while Paxos provided services centered on the blockchain technology.
Recently, Paxos acquired a $65 million investment fund, which is to be allocated to the expansion of the company in other crypto ventures, part of which is what we’re seeing now. Moreover, Cascarilla said that the additional investment will be vital in eliminating risks associated with the dynamic crypto industry.
