Managed and operated by Richmond Teo, CEO, and Jason Melo, CTO, itBit is a digital currency exchange platform based in Singapore. It is self-described as being “built on global equities exchange standards” and guarantees “Security, Scalability, and Liquidity .” The company is backed by Canaan Partners, RRE Ventures, Liberty City Ventures, and notable angel investors Jay W. Jordan II and Ben Davenport. It has received more than US$5 million in venture capital. With a staff including former employees of the financial sector, itBit is aiming to appeal to Bitcoin traders that have originated from working with different asset classes such as stocks and bonds. As an exchange, itBit uses a central order book to match buyers and sellers, but also has a dedicated market maker providing customers with continuous bid/ask quotes for trading.
itBit can be used equally by private individuals, institutional investors, commercial businesses, and retail investors. It is used to trade Bitcoin with U.S. dollars, Singapore dollars and Euros, and uses top of the line finance and security technology. For example, itBit employs NASDAQ exchange technology, Thomson Reuters for screening and continuous suspicious activity monitoring, and Jumio for identity verification. All data is transmitted with AES256/512 bit encryption, which is said to be one of the most stringent protocols available today. itBit is PCI compliant and regularly conducts both internal and external partner security audits to ensure compliance with industry practices and standards. itBit was in the news recently when in February 2014, it was the target of a denial-of-service attack that caused several prominent Bitcoin exchanges to suspend withdrawals for several days. itBit, however, was unaffected by the attack.
