itBit Launches With $5.5 Million in Funding

A new bitcoin exchange has launched, folks. Dubbed itBit, this new exchange has come to live with about $5.5 million in funding (after two rounds). The exchange began trading operations today for institutional and retail traders for mostly non-US organizations.

Rich Teo, who has previously worked as a senior analyst at Cedar Hill Capital Partners and at Citigroup will be commanding the operation, and already, the company has offices in New York, Singapore, and even Shanghai.

According to The Genesis Block, “Trading will be available is USD, SGD and EUR, with fees based on a maker-taker model, wherein traders adding orders to the book receive a 0.10% rebate and traders taking liquidity off the book via market orders pay 0.70% or lower, based on volume.”

What makes itBit interesting to me personally is their commitment to security and statutory compliance. From encryption to user screening, itBit seems to hit the nail on the head in terms of creating a powerful and reliable exchange.

Check them out here.

[via The Genesis Block]