itBit Names Charles Cascarilla as Newest CEO as Firm Relocates to New York

Eying a more promising Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term future on the horizon, Singapore-based itBit has relocated to New York City in a bid to establish itself in a broader US market, naming Charles Cascarilla as its new CEO.

Firms such as itBit have played an instrumental role in stabilizing the Bitcoin industry, which experienced a bout of turmoil late last year following a tidal wave of regulatory attention and news surrounding Mt. Gox Mt. Gox Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Read this Term. However, with Bitcoin prices on the rebound and more clarity on digital currencies, itBit has made the decision to solidify its presence in the US. The original release can be read in full on DC Magnates here.

New Move Prompts New Executive Appointment

Just last November, itBit succeeded in raising $3.25 million to launch its inaugural Bitcoin exchange for investors. New York has been particularly open towards Bitcoin lately, with state regulator Benjamin M. Lawsky establishing himself as a proponent of the cryptocurrency. This no doubt served as an impetus for the move stateside, culminating in the appointment of Charles Cascarilla as itBit’s new Chief Executive.

Mr. Cascarilla, also the co-Founder of itBit, has held similar roles in Liberty City Ventures and Cedar Hill Capital Partners. He will man operations in the US, while former Chief Executive Rich Teo will remain with the company to culture and foster an Asian presence. Furthermore, itBit has also hired Andrew Chang as Chief Operating Officer.

US Regulatory Climate Key to Move

According to Mr. Cascarilla in a recent statement on the appointment and US move, “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. Regulators are getting clearer about their policies and we’re hopeful that we will be able to serve U.S. investors soon."

The company revealed that it has been biding its time in hopes of a more Bitcoin-friendly framework in the US that would justify such a move, namely in regards to satisfying regulatory obligations for its clients.