Country: United Statesitbit
Year: 2012

  • Securities Clearing & Settlement: Securities post-trade processes represented as smart contracts could automatically handle trading matching and execution, eliminating the need for reconciliation for banks
  • Regulated: itBit is a regulated US financial services company chartered under New York Banking Law by the New York State Department of Financial Services (NYDFS).

Concept

  • itBit is a New York-based trust company which builds a suit of financial technology products with blockchain technology for financial institutions and retail traders.
  • itBit has offices in four key global financial markets, New York, London, Singapore and Shanghai, and is currently offering three products:
    • Bitcoin Exchange: a trading platform for institutional and retail traders to buy and sell bitcoins using US Dollars, Euro or Singapore Dollars
    • OTC Agency Trading Desk: boutique service specializing in large bitcoin trades starting over 100 bitcoins
    • Bankchain: a clearing and settlement system that leverages private permissioned distributed ledger technology. It cryptographically proves transactions for financial institutions to trade assets among each other, instead of relying on a central counterparty to basically write database entries as assets are moving.
  • itBit is also working on its Education library, which periodically releases latest guides, presentation slide decks, and whitepapers in bitcoin and blockchian technology for people who are interested in it.

Consumer Benefits

Consumers benefit from itBit’s three different services:

  1. Bitcoin Exchange
    • Real-time trading across multiple currencies
    • Detailed market data and research
    • Deep liquidity through itBit’s global network of traders
    • API connectivity: FIX, REST and market data API
  2. OTC Agency Trading Desk
    • Personalized trading services
    • Same-day settlement
    • Low cost: 0.10% per transaction
    • Transparency: itBit’s bitcoin OTC trading data is publicly released
  3. Bankchain
    • Lower counterparty risk: the private permissioned distributed ledger enables near real-time settlement
    • Less costs: reduce oversight costs in legal and audit processes, and operation cost within back-office

Illustration

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