itBit, a Singapore-based digital currency exchange, raised $3.25m in funding.
The round was co-led by Canaan Partners and RRE Ventures, with participation from additional investors Liberty City Ventures and angel investors Jay W. Jordan II and Ben Davenport.
The company, which has raised a total of $5.5m in institutional capital, will use the funds to support its global operations, expand its offerings and pursue further regulatory approvals.
Led by CEO and co-founder Rich Teo, itBit has just launched its digital currency exchange for trading Bitcoin with US dollars, Singapore dollars and Euros. It also offers Bitcoin wallet capabilities, allowing traders to store and access their Bitcoin on the itBit platform. The exchange can be accessed directly at worldwide by institutional investors, commercial businesses and retail investors (though retail investors must reside outside the U.S.).