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
Tuesday 12 November 2013
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.
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