<article>New York-based Bitcoin exchange <a style="color: #000080;" href="https://www.itbit.com" target="_blank">ItBit</a>, which maintains offices in Shanghai and Singapore, has established itself as a <a style="color: #000080;" href="http://www.investopedia.com/terms/t/trustcompany.asp" target="_blank">trust company</a> for US customers, as well as raised $25 million in a Series A venture round.</article>

New York-based Bitcoin exchange <a style="color: #000080;" href="https://www.itbit.com" target="_blank">ItBit</a>, which maintains offices in Shanghai and Singapore, has established itself as a <a style="color: #000080;" href="http://www.investopedia.com/terms/t/trustcompany.asp" target="_blank">trust company</a> for US customers, as well as raised $25 million in a Series A venture round.
A trust company charter from the New York State Department of Financial Services allows it to operate in all 50 states as a fully regulated financial-services entity.
This move brings <a style="color: #000080;" href="http://blogs.wsj.com/venturecapital/2015/05/07/bitbeat-itbit-open-shop-in-u-s-as-a-trust-company-raises-25-million/" target="_blank">cumulative capital raising by ItBit to $32 million</a>, according to a Wall Street Journal report. However, Crunchbase reports total funding raised as $28.8 million. Collectively, the moves indicate an evolution towards becoming a mainstream commercial business and valid, trusted option for capital market investors. It’s also the latest in a series of moves that are meshing together the worlds of bitcoin and Wall Street.
The Asia operations of ItBit are managed by Shanghai-based <a style="color: #000080;" href="https://cn.linkedin.com/in/richteo" target="_blank">Richmond Teo</a>, who functions as CEO Asia. Founded in Singapore, ItBit shifted its HQ to New York and applied for the trust charter in January 2014, prior to shifting establishing itself in New York in July 2014.
According to CEO <a style="color: #000080;" href="https://www.linkedin.com/in/chadcascarilla" target="_blank">Charles Cascarilla</a>, with the trust charter, Itbit is “&#8230;stepping into a much higher standard of oversight and requirements, which reassures the traditional system. We don’t want to be the best bitcoin company, we want to be the best bitcoin company in financial services.”
This move marks a significant milestone for the bitcoin capital market, which has seen an expansion in the number of trading platforms and financial products. There&#8217;s a large number of exchanges servicing different regions of the globe, with investors able to purchase swaps and derivatives, in addition to making leveraged bets. Even bitcoin <a style="color: #000080;" href="http://www.moneysense.gov.sg/Understanding-Financial-Products/Investments/Types-of-Investments/Exchange-Traded-Funds.aspx" target="_blank">ETFs</a> are emerging as the market matures and more professionals enter the fray.
Aside from legitimising bitcoin as a valid trading option and mainstream investment in the largest capital market worldwide, this move may boost investor confidence and adoption of crypto-currencies like Bitcoin as legitimate currency, despite their decentralised nature.
The trust company charter allows itBit to begin taking US deposits that will be fully insured and compliant with US financial regulations. In essence, it becomes a regulated fiduciary holdings clients assets in the form of a digital commodity.
Related Story: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/bitcoin-the-future-for-transactions-david-moskowitz-4708/">Bitcoin the future for transactions: David Moskowitz</a>

Itbit raises $25 million Series A, as well as being accredited as a US trust company.

Bitcoin exchange Itbit raises $25m Series A round

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Bitcoin exchange Itbit raises $25m Series A round

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