itBit operates a global bitcoin exchange that offers institutional and retail investors a platform to buy and sell bitcoin. The platform is available to all U.S. retail and institutional bitcoin traders. itBit holds a trust company charter granted by the New York State Department of Financial Services and has established the itBit Trust Company under New York State banking law. That charter makes itBit the only U.S.-chartered and supervised bitcoin exchange able to offer protection and security for customers in compliance with New York and federal law. The company plans to use the funds to scale operations as it begins onboarding U.S. clients, expand products and services, and hire across engineering, compliance, operations, marketing and customer service. itBit was co-founded in 2012 by CEO Charles Cascarilla. itBit operates a Singapore-headquartered Bitcoin exchange built for institutional investors, emphasizing bank-like security and regulatory compliance. Its core product supports trading between Bitcoin and U.S. dollars, Singapore dollars, and Euros and is built on Nasdaq exchange technology to handle trading volumes far above current Bitcoin levels. The platform offers multi-factor authentication, DDoS mitigation, identity verification, suspicious-activity monitoring, and 24/7 customer service to appeal to traditional financial organizations. The company has 13 employees distributed globally and is available to institutional investors worldwide and to retail investors in all markets except the U.S. itBit has raised $5.5 million to date, including a recent $3.25 million financing, and plans to invest proceeds in expanding operations and offerings while pursuing further regulatory approvals. Headquartered in Singapore, the company says it is in full regulatory compliance there.

Total raised

$28M

Funding rounds

2

Latest round

Series A

Latest activity

May 2015