ItBit announced that it’ll add Stellar, Bitcoin Cash, Ethereum, and Litecoin all to its platform.
It’s a New York-based company that’s received regulatory approval by NY’s Department of Financial Services. Stellar clears the cryptocurrency from being considered as a security. The listing is a move by regulators who are determining which coins are currencies and which aren’t. Stellar has never been approved on any virtual asset exchange.
Stellar is the eight largest crypto in the world with a cap of $4.3 billion.
ItBit was founded in 2012 and has been offering BitCoin OTC trading, custody, and escrow for institutional investors including equity firms, hedge funds, and even rich individuals. Stellar’s addition to the company will help them gain more investors to their platform overall.
Chad Cascarilla, co-founder and CEO of itBit’s parent company Paxos says:
“The interest and the adoption from institutions and large firms that have a lot of credibility is very real, that might not be reflected in the price today, but from what I see, will certainly be changing the landscape over the next six to 12 months.”
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