ItBit Nets $25 Million, Launches NYDFS-Approved Bitcoin Exchange

[Coinbuddy]

New York bitcoin exchange itBit has closed $25m in Series A fundraising.

The round drew support from a pool of new and existing sources including RRE Ventures, Liberty City Ventures and investor Jay W Jordan II. Raptor Capital Management chairman James Pallotta also participated in the round.

ItBit further confirmed the addition of three new members to its board of directors: former Federal Deposit Insurance Corporation chairperson Sheila Bair; former New Jersey Senator Bill Bradley; and former Financial Accounting Standards Board (FASB) chairman Robert Herz.

SOURCE: http://www.coindesk.com/itbit-25-million-series-a/

[ChuckBuck]

Bullish news.  Between ItBit and GBTC launching this week, has been a positive news/positive momentum week.

Just wait til COIN ETF and Gemini make it out the gate!   

[Zeroxal]

Isnt itBit the first company in the US to actually have an official lincense to exchange bitcoin?

[Nagle]

Isnt itBit the first company in the US to actually have an official lincense to exchange bitcoin?

Yes.

Now read their terms.

* Price information is delayed, unless you pay them to be a "market maker"
* It takes 3 to 30 days to get cash out.
* You can't sue them. Disagreements have to be arbitrated in Singapore.
* Bitcoins on deposit are not insured. Only cash.

They tell you up front how they're going to screw you. That's regulatory compliance.

[manselr]

Isnt itBit the first company in the US to actually have an official lincense to exchange bitcoin?

Yes.

Now read their terms.

* Price information is delayed, unless you pay them to be a "market maker"
* It takes 3 to 30 days to get cash out.
* You can't sue them. Disagreements have to be arbitrated in Singapore.
* Bitcoins on deposit are not insured. Only cash.

They tell you up front how they're going to screw you. That's regulatory compliance.

How does this exchange compare to the up and coming gemini exchange by the Winklevoss brothers? im waiting fr a perfect exchange to appear to do some day trading, as I can trust any of the current ones to leave both fiat and BTC on there to play with.

[BTC_Superman]

Wait some more months for a positive result of Bitcoin exchange with ItBit.

[Gleb Gamow]

http://en.wikipedia.org/wiki/Bill_Bradley

Bradley is the author of seven non-fiction books, most recently We Can All Do Better, and hosts a weekly radio show, American Voices, on Sirius Satellite Radio. He is a corporate director of Starbucks and a partner at investment bank Allen & Company in New York City.

http://en.wikipedia.org/wiki/Allen_%26_Company

Allen & Co. was one of ten underwriters for the Google initial public offering in 2004, and were announced to have been retained in January 2011 to assist the ownership of the New York Mets in obtaining a strategic partner (although such a transaction was not ultimately consummated). Allen & Co. was one of seven underwriters on the initial public offering of Twitter Inc. in November 2013.

Allen & Co. was also the adviser of Facebook in its $19 billion acquisition of WhatsApp in February 2014.