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itBit’s story dates back to 2010, when Bitcoin was a new concept and priced at just five cents. That summer, several seasoned investors in New York began exploring this potentially groundbreaking alternative asset. After mining and trading bitcoin for a few months, the transformative nature of Bitcoin and its underlying technology became clear.
Over the next two years, the market for bitcoin grew rapidly—but the infrastructure to support this growth was unable to keep pace. These investors set out to build a system they themselves needed: a bitcoin exchange that could operate at the same level of sophistication as a traditional global financial exchange. In 2012, itBit was born in Bitcoin-friendly Singapore.
With $5.5 million of funding, itBit launched in November 2013 offering an exchange that meets the highest standards in regulatory compliance, trading performance and customer security. itBit has gained a loyal following and become a popular bitcoin trading platform in Asia and Europe.
In May 2015, itBit opened its doors to the world’s largest bitcoin market - the United States. By establishing the itBit Trust Company, with oversight from the New York State Department of Financial Services, itBit is proud to be able to accept customers across the United States.
itBit has closed on an additional $25M in Series A funding and added three new prominent independent board members—Senator Bill Bradley, former FDIC Chairman Sheila Bair and former FASB Chairman Robert Herz—underscoring our commitment to oversight and transparency.
itBit continues to uphold its commitment to excellence, regulatory compliance and customer service—so we can provide you, the bitcoin trader, with the best experience and highest standards.
Chad Cascarilla is a Bitcoin early adopter dating back to when bitcoin was trading for just pennies. He co-founded itBit in 2012 with the goal of creating an institutional-grade exchange for investors to seamlessly buy and sell bitcoin. Learn more about Chad and the rest of the itBit team.