Right now, itBit operates as an exchange where buyers and sellers trade the Bitcoin digital currency. ItBit, whose exchange operates in Singapore, moved its primary headquarters to New York in 2014.
Many on Wall Street and Main Street dismiss unregulated virtual currencies like Bitcoin. But large companies including IBM and Goldman Sachs are looking at applying the technology behind Bitcoin to businesses ranging from payments to trading.
Central banks like the US Federal Reserve and the Bank of England have also examined blockchain, while cities including Singapore, London and New York are positioning themselves as Bitcoin hubs.
ItBit is backed by venture capitalists including Canaan Partners, RRE Ventures and Liberty City Ventures, where Cascarilla is a partner. Since its founding in 2012, the company has received USD 3.3 million in a round of fundraising.
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