New VC-backed Bitcoin Exchange itBit opens, based in Singapore


itBit aims at facilitating institutional investors with rock solid security and regulatory compliance

As Bitcoin Magazine first reported yesterday, we have a new global player from Singapore that has launched a new bitcoin currency exchange. Attracting some serious venture capital companies such as Canaan Partners and RRE Ventures the company has raised about $3.25 mln, aiming to introduce new industry standards of security and improved usability by institutional investors.

This comes at a critical time, as Coindesk reported yesterday that the Chinese bitcoin trading platform GBL has shut down and close to $4.1mln of investors’ money have disappeared with it. While this may spook some Chinese investors in the short run, the relative security of the regulatory environment provided by Singapore jurisdiction might just play tothe company’s favor.

Once an account is registered on itBit, the user is asked whether he is an institutional or individual investor, with the company limiting the usability to US residents for the time being, while it is aiming to regulate its dealings on a state by state basis. Institutional investors will be required to provide corporate information and certain financial statements to gain access to the market.

To prevent fraud the company is relying on Thomson Reuters that screens customer activities continuously for suspicious actions by its users and has entrusted the KYC (Know Your Customer) verification procedure to Jumio with its proprietary systems to verify personal identification and credit card ownership.

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New VC-backed Bitcoin Exchange itBit opens, based in Singapore

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