ItBit

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itBit logo

itBit is the Bitcoin branch of NY based blockchain company Paxos. itBit.com re-branded as Paxos in September 2016[1]. On May 6th 2015, Paxos became the first bitcoin exchange to become a trust company, receiving a charter from the NYDFS.

Main information[edit]

  • Country: United States
  • Headquarter: New York
  • Type: Exchange
  • Round: First
  • Cost: $3.25 million
  • Date: 11-Nov-2013
  • Investors: Canaan Partners, Individual Investors, Liberty City Ventures, RRE Ventures, Jay W. Jordan II, Ben Davenport

Description[edit]

What is itBit? – Andrew Chang, Chief Operating Officer

The company started operating in November 2013. Its headquarters are in New York City. The exchange also has an international office in Singapore and offers interest-free deposits and cashouts in Singapore dollars.

The exchange was launched at a time when it seemed that Coinbase would become the sole leader of the us stock market. But Chad Cascarilla, the founder and CEO of itBit, managed to raise $25 million in investments to launch the exchange. The exchange successfully launched and obtained a second-tier Bank license under the jurisdiction of new York.

This formulation meant that the ITB exchange could offer currency exchange services in all 50 us States. On this aspect of its work, itBit has surpassed even its main competitor in the local market, Coinbase, which offers its services only in 33 States of America.

itBit.com became the first Bitcoin sector company to be able to obtain a New York city license. It gives the right to accept deposits from residents of any state of America and invest them in various projects, including cryptocurrency[2].

The composition of Directors and investors[edit]

The Board of Directors of the company has been able to attract famous people:

  • Sheila Bair, former Chairman of the FDIC;
  • Bill Bradley, ex-Senator;
  • Robert Herz, who at the time was a senior partner of PriceWaterhouseCoopers and was the Chairman of the Commission for financial reporting standards.

At an early stage of development of the exchange in its success believed venture company, Liberty City Ventures, RRE Ventures, and Jay W. Jordan II.Later the project was joined by the company Raptor Capital Management.

Verification in itBit[edit]

The verification process complies with industry standards and the most stringent anti-money laundering regulations. Therefore, during the verification you need to verify and confirm your identity and place of residence. In order to verify an identity, it is necessary to have a document issued by the state, such as a passport, ID card or driver's card. A scanned copy or a clear photo should be submitted in a special box in a private office.

Please note that a more complicated procedure is required when confirming your address. It requires a legal and traceable document with the user's name and address. The address means the current address of residence at the moment. This document should be in English, which is sometimes difficult.

Verification procedure usually takes from one to three working days. U.S. citizens have yet to provide additional answers to a number of questions automatically generated by the system.

For users who have not completed verification, there are no trade restrictions. The following fiat currencies are supported:

  • USD;
  • EUR;
  • Singapore dollar.

Each of these fiat currencies can be traded in a pair with the Bitcoin. As for any other altcoins, the exchange does not support trading them at the moment.

Fee[edit]

Cryptocurrency exchange itb implemented in 2015, the year a new structure for the charging of fees. If the 30 – day trading volume does not exceed 8000 BTC, the Commission of the recipient is 0.20%, and the Commission of the contractor-0%.

Depositing fee[edit]

When making a Deposit fee for money transfer in dollars from residents of the United States is $10, and $40 for transfers to residents of other countries. The fee for SWIFT deposits is $40 + Agency fee. When making a Deposit in euros via SEPA transfer (Single European payment area), the following fee structure is applied:

  • transfer up to 50,000 euros-3.70 euros Commission;
  • translation from 50 000 Euro to 35.15 euros.

With transfers in Euro via SEPA does not charge a transaction fee of 1% of the transfer amount, but not less than 3,71 EUR and not more to 35.15 euros. No Commission is charged for deposits in Singapore dollars and bitcoins.

Withdrawals fee[edit]

Withdrawal in dollars through the automated clearing house (ACH) is free for residents of the United States, if the amount does not exceed$3,000. If the user displays more than $ 3000, the Commission is $ 20. In case of international transfers it is necessary to pay$ 40 Commission. SWIFT transfers require a 40$ fee + Commission of broker that is paid to a third party.

For withdrawals in euros using SEPA need to pay a fee of 8.14 euros for amounts up to € 50,000. If the SEPA transfer exceeds EUR 50,000, a fee of EUR 70.34 will be charged.

If the volume of trading of a trader within 30 days is greater than 8000 BTC applies the reduced system of charging fees. The size of the Commission in this case is not publicly available, and in order to inquire about them, the trader needs to contact the exchange support service by writing to them.

External links[edit]

See also[edit]

References[edit]

  1. CoinDesk: ItBit Rebrands as Paxos Amid Blockchain Pivot"
  2. Ben Lawsky on Twitter: "Big day. New York issues first charter to a virtual currency company: @itBit (a Bitcoin Exchange) http://t.co/CXrYTrtpGk"


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