2015 was an exciting year for itBit’s bitcoin trading services featuring many firsts, milestones and strong growth. In May, we launched our bitcoin exchange in the United States after becoming the first company in the space to receive a trust company charter from the New York State Department of Financial Services (NYDFS). As a New York state trust company, we are able to offer our customers a level of asset protection and financial reporting that is on par with leading banks and brokerages.
July marked the launch of our OTC Agency Trading Desk, making itBit the first financial services company to offer both bitcoin exchange and OTC trading services. In another first, we brought much-needed transparency to the OTC market by publicly releasing our bitcoin OTC trading data in the form of a monthly OTC update report. Our OTC trading team also went the extra mile during the USMS auctions, winning 3,000 bitcoins in March and 10,000 bitcoins in November on behalf of a syndicate of clients.
Overall in 2015, our average monthly bitcoin exchange trading volume increased over 300%, our OTC trading desk traded over $40 million in bitcoin and we tripled our customer base of traders.
Looking Ahead to 2016
In 2016, we are committed to expanding our trading services and further enhancing the customer experience. To kickoff the new year, we have forged a new banking relationship with a global banking leader, Bank Leumi USA, to manage our US customer funds.
Our product and business teams remain focused on growing our suite of services and are exploring innovative new bitcoin trading options in the retirement space and other financial sectors that will serve to make bitcoin more ubiquitous. There are also new partnerships on the horizon that will enhance our trading services and make them more seamlessly accessible.
Finally, our tech team is hard at work implementing ACH deposits, real-time streaming market data and other features our customers have requested.
We are looking forward to setting new milestones in 2016 while continuing to offer our customers the most reliable and comprehensive bitcoin trading experience.
The itBit Trading Services Team
itBit’s 2015 Milestones
- Becomes first company to receive a trust company charter from New York State Department of Financial Services since 2008
- Launches itBit bitcoin exchange in the US
- Sheila Bair (former FDIC Chairman), Bill Bradley (former Senator of New Jersey) and Robert Herz (former Chairman of FASB) introduced as initial members of itBit Board of Directors
- Raises $25m in Series A funding round
- Launches OTC Agency Trading Desk worldwide making itBit the first financial company to offer bitcoin exchange and OTC trading services
- Unveils Bankchain™, our proprietary, blockchain technology-based clearing and settlement solution for financial institutions
- Jim Manzi (former CEO of Lotus) introduced as fourth member of Board of Directors
- Ed Giorgio (30-year veteran of NSA) introduced as an advisor
- Danny Alter (formerly NYDFS and Credit Suisse) introduced as Chief Compliance Officer
- Kim Petry (formerly Broadridge Financial and American Express) introduced as Chief Financial Officer
- Becomes first company in the space to publicly release bitcoin OTC trading data
- Implements TradeBlock’s order management system to enhance OTC operations