itBit is a cryptoasset exchange located in United States. Their volume over the last 24 hours is $38.66M. The exchange is rated “D” which means “Poor.” They allow trading with the following fiat currencies: EUR, SGD, and USD.
itBit is America’s first crypto asset exchange targeted at financial institutions and professional active traders. It offers access to a global exchange, an OTC trading desk, Custody Services, and Escrow Services dealing in Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Stellar Lumens.
The exchange is the product of Paxos, a financial institution which has raised more than $93 million in venture funding since it was launched in Singapore in 2012. The company is based in New York City, with international offices in London and Singapore.
Paxos was co-founded by Chad Cascarilla, who in his early career was a portfolio manager at Claiborne Capital, having worked at both Bank of America Securities and Goldman Sachs. Fellow co-founder Richmond Teo has more than a decade of experience in analyzing and investing in public and private financial technology companies and was an analyst at Cedar Hill Capital Partners and Citibank.
In 2015, the New York State Department of Financial Services granted itBit a limited-purpose trust charter, establishing it as the first New York company approved and regulated to offer crypto products and services. In much the same way as a bank, Paxos is a trust company, meaning it can administer financial assets on behalf of a third party, and is said to be the first trust company to be created in New York since the financial crisis of 2008.
In 2019 itBit began to offer traders rebates, which play a key role in the maker-taker stock trading model dominating U.S. equities. With maker-taker, exchanges offer rebates to traders and brokers who add liquidity to their venues, whilst charging traders who take liquidity.
The system is not without controversy and is set to be reviewed by the Securities and Exchange Commission’s transaction fee pilot, which will examine the impact of rebates on the crypto market.Read More