itBit Raises $3.25 Million

Posted Nov 12, 2013

itBit is a Bitcoin exchange that has raised $3.25 million in a funding round that was co-led by Canaan Partners and RRE Ventures with participation from Liberty City Ventures.  Angel investors Jay W. Jordan II and Ben Davenport also participated in this round.  itBit offers high levels of security and compliance to Bitcoin exchanges.  itBit has raised a total of $5.5 million.

itBit trades between Bitcoin and U.S. dollars, Euros, Singapore dollars, etc.  It can trade at volumes at a magnitude that is great than Bitcoin is traded at today, according to TechCrunch.  itBit uses Nasdaq exchange technology and is able to support millions of trades per second.

itBit has multi-factor authentication and DDoS attack migration.  itBit looks for suspicious activity and verifies identities.

Based in Singapore, itBit has full regulatory compliance and is available to institutional investors around the world.  itBit has 13 employees around the world and will be using the funding to expand their operations.