itBit, a New York and Singapore-based global bitcoin exchange, raised $25m in Series A financing.
Investors included existing investors RRE Ventures, Liberty City Ventures and Jay W. Jordan II, as well as new participants including Raptor Capital Management chairman James Pallotta. In addition to the Series A raise, Senator Bill Bradley, former FDIC Chairman Sheila C. Bair and former FASB Chairman Robert H. Herz, joined itBit’s Board of Directors.
The company intends to use the funds to scale its operations as it begins to onboard U.S. clients. The capital will be utilized for investment in further expansion of products and services, as well as hiring across all functions including engineering, compliance, operations, marketing and customer service.
Co-founded in 2012 by CEO Charles Cascarilla, itBit is a global bitcoin exchange offering institutional and retail investors a platform to buy and sell bitcoin. The platform is now available to all U.S. retail and institutional bitcoin traders.
Through a trust company charter, granted by the New York State Department of Financial Services (NYDFS), itBit has established the itBit Trust Company, organized under New York State banking law. This makes itBit the only U.S.-chartered and supervised bitcoin exchange able to offer protection and security for customers in full compliance with New York and federal law.