itBit, a NASDAQ-powered Bitcoin currency exchange, raises $3.25m in funding
Singapore-based exchange is one of many trying to create a secure market for trading the digital currency
A new currency exchange for the digital crypto-currency Bitcoin integrating technology used by the NASSAQ has raised $3.25 million in funding.
The Singapore-based itBit hopes to differentiate itself from other Bitcoin currency exchanges by offering greater security and compliance with established banking standards.
Speaking to industry website CoinDesk CEO Rich Teo and CTO Jason Melo of itBit described the site as “the first bitcoin exchange built on global equities exchange standards, therefore offering a new level of professionalism, reliability and security to bitcoin trading.”
The aim is to broaden the appeal of Bitcoin to financial institutions and attract a clientele beyond individual investors. The integration of the NASDAQ technology will allow it to process a high volume of trades (millions per second) although current Bitcoin markets record nowhere near this level of demand.
This current round of funding from Canaan Partners and RRE Ventures brings itBit’s total funding to $5.5m.
Although itBit is fully compliant with financial regulations in Singapore it is not available to trading for those living in the US.
The UK’s Financial Conduct Authority has previously ruled that Bitcoins are not widely used and will therefore not require regulation (unlike in the US) so trading with itBit for UK resdients (US dollars, Singapore dollars and Euros are all available) will presumably be allowed.
Life & Style blogs
Is it the end of the road for three-point turn in driving test?
Girl, 7, gets Tesco to remove 'stupid' sign suggesting superheroes are 'for boys'
Coke milk? Coca-Cola to launch premium milk brand called Fairlife
Black Friday: best UK tech deals on iPads, Macs, PS4 and more
A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
Obama: The only people with the right to object to immigration are Native Americans
Ukip says babies born to immigrants in the UK should be classed as migrants – which would include Nigel Farage’s own children
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
David Cameron sets out immigration reforms: We should distrust Ukip and their 'snake-oil of simple solutions'
Ukip mocked after mistaking Westminster Cathedral – for a mosque
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
- 1 School playground evacuated over 'unusually aggressive' grey squirrel
- 2 Hollywood actor Mickey Rourke beats opponent 33 years his junior in exhibition boxing match
- 3 Jennifer Lawrence scores first UK top 40 single with Hunger Games track 'The Hanging Tree'
- 4 Today was a bad day for renters, landlords, and democracy
- 5 'You should come to my house and eat cheeses with me': 4-year-old sends adorable love letter to girl at school
iJobs Gadgets & Tech
£50k - 60k per year + Benefits: Opilio Recruitment: We have an exciting Seni...
£50k - 70k per year + Benefits: Opilio Recruitment: We have an exciting Seni...
£32000 - £34000 per annum + Uncapped OTE £65,000 : h2 Recruit Ltd: Looking for...
£28000 - £31000 per annum + Bonus + Progression: h2 Recruit Ltd: Are you looki...