With Bitcoin possibly clearing its next regulatory hurdle in New York in the near future, bitcoin exchange itBit is looking to get in early. It is reportedly moving its operations from Singapore to New York.
The exchange caters to institutional traders looking for a high-capacity venue with bank-grade security and stability. While in Singapore, the company sought to develop its operations and infrastructure to a level on par with regulated financial institutions. Indeed, according to Antony Lewis, head of business development, the exchange is looking forward to the day when Bitcoin is regulated.
The US is one the major trading hubs for Bitcoin. New York in particular has become the center for much of the existing and potential activity. A physical move right to the thick of it makes sense. Said itBit’s new CEO Charles Cascarilla in a blog post:
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“Bitcoin has become mainstream, the volume of bitcoin trading has grown exponentially, and the majority of bitcoin trading now takes place in the U.S.,” Cascarilla writes. “Regulators are getting clearer about their policies and we’re hopeful that we will be able to serve U.S. investors soon.”
Cascarilla explains that its earlier mission was to plant “roots in bitcoin-friendly Singapore.” Former CEO Rich Teo will remain behind to continue developing its Asian presence. The company has also hired Andrew Chang as Chief Operating Officer. Chang is one of Liberty City Ventures’ founding partners, the venture firm being one of itBit’s investors.
Since its launch, itBit has quietly gathered market share. It facilitates nearly 1% of reported global bitcoin trading volume, according to bitcoinity.org, ranking it 9th. The company is actively hiring to grow its team of 19.