As itBit CEO Chad Cascarilla wrote in the announcement: “[The] concept of Bitcoin has become mainstream, the volume of bitcoin trading has grown exponentially, and the majority of bitcoin trading now takes place in the US. Regulators are getting clearer about their policies, and we’re hopeful that we will be able to serve US investors soon.”
Cascarilla also noted that itBit’s Asia operations will continue with Rich Teo at the helm, with the ultimate goal of growing “operations to a global level, expanding our reach, offerings and customer base.”
A casual bitcoin trader could be forgiven for never having heard of itBit. The exchange’s volume is generally under 1000 BTC, and it generally isn’t listed on the major cryptocurrency marketwatch sites. Among the small-but-growing community of institutional-level bitcoin investors, however, itBit is seen as a safe, secure place to do business. As of last November, itBit had raised more than $5.5 million in venture capital funds to build its platform.