itBit, the third-largest US cryptocurrency exchange, has been approved by the New York Department of Financial Services to add Litecoin, Bitcoin Cash, Ethereum, and Lumens to its platform.
It looks like one of the earliest US-based exchanges is getting serious about catching up to its competitors. itBit is currently the third-largest exchange in the United States, lagging only behind Coinbase and Kraken. The exchange, under the umbrella of Paxos Trust Company, is beefing up its cryptocurrency offerings by adding four popular coins.
Faltering Out of the Gate
itBit initially started out of the gate strong. Founded in 2012, the exchange was one of the first cryptocurrency platforms to seek regulatory approval. The New York Department of Financial Services (NYDFS) gave their approval 3 years later, making the exchange the very first one to have regulatory approval in New York to trade Bitcoin.
The company later rebranded itself as Paxos Trust Company a few years later, but it lost its early momentum by entering into an ill-fated blockchain venture with Euroclear. As part of the rebranding, the cryptocurrency exchange kept the itBit label while the rest of the company focused on blockchain applications not focused on cryptocurrency.
Paxos is now loaded for bear. The company recently raised a total of $93 million, and the exchange is broadening its services.
The exchange will now start offering custody, escrow, and OTC trading services for the 4 new cryptocurrencies being added. Users will soon be able to trade Bitcoin Cash, Litecoin, Lumens, and Ethereum in addition to Bitcoin that’s already available. itBit also plans on adding collateral services for users seeking to trade nascent cryptocurrency markets.
Of the new services, Paxos CEO Charles Cascarilla says:
We’re starting to gain a lot of momentum here. We just keep thinking about how we can add new product that will help our customers.
Currently, itBit is the 39th ranked cryptocurrency exchange in the world and the third-largest in the US. Its most recent 24-hour trading volume was $40.6 million, all of which was in Bitcoin.
Do you think itBit is going to make up some ground by the addition of the new cryptocurrencies to the platform? Let us know in the comments below.
Images courtesy of Shutterstock.