User:Syrenka V/ItBit
From Wikipedia, the free encyclopedia
itBit is a financial services company that offers bitcoin trading services. It provides a proprietary system known as "Bankchain", built on top of the bitcoin blockchain, that allows transactions to clear without direct access to the blockchain, and more efficiently than if direct operations on the blockchain were used.[1] The company was originally based in Singapore, but moved its headquarters to New York in 2014.[2][3]
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| Headquarters | New York City |
|---|---|
| URL | www |
| Launched | November 2013 |
Bitcoin exchange trust charter
In May 2015, itBit received a trust charter[2][3][4][5][6][7][8][9][10][11][12]: 362 from the New York State Department of Financial Services (DFS)[13][14] and became the first company to operate a regulated bitcoin exchange in the United States, with mandatory capital reserve requirements and FDIC insurance for dollar-denominated accounts.[15]: 696
Bitcoin derivatives pricing
As of December 2017[update], the U.S. Commodity Futures Trading Commission (CFTC), the federal agency that regulates futures and options trading, authorized the Chicago Mercantile Exchange (CME) to begin trading bitcoin futures. The CME announced its intention to open trading in bitcoin futures as of 18 December 2017[update]. The price of bitcoin futures will be based on the price of bitcoin itself on four major exchanges, one of which is itBit (the other three are Bitstamp, GDAX, and Kraken).[16]