The Bankchain Discovery Summit - Essay Example

Today, itBit organizes a private gathering of financial industry professionals, “Bankchain Discovery Summit”.

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It is an all- day, invite only event and will be held at one of the Convene locations of the city, a meeting space operating in both New York and Washington, DC.

Most of the expected attendees are from the major banks, brokerages and exchanges.

The invitations reads, “Join us for the inaugural itBit Bankchain Discovery Summit Interact with industry peers, hear from our panel of experts and address topical blockchain use cases that will shape the future of the fianancial services industry.”

According to the official website of itBit’s Bankchain, it stated, “the first consensus- based ledger system exclusively for financial institutions”. No further details are given.

The bitcoin exchange, itBit, was launched in the year of 2013, with a funding of $5.5 million.

It offers an exchange that meets the highest standards in regulatory compliance, trading performance and customer security.

The company has gained a loyal following and has become quite a popular bitcoin trading platform in Asia and Europe.

itBit is a global bitcoin offering institutional and retail investors a powerful platform to buy and sell bitcoin.

itBit has taken a uniquely rigorous approach to regulatory compliance by establishing the itBit Trust Company, overseen by the New York State Department of Financial Services.

With the trust, itBit is the first and only regulated bitcoin exchange able to accept customers across the United States.

ItBit delivers an institutional- grade exchange with all of the key trading and account management features that serious investors demand. Their fee structure includes the opportunity for both commission- free trades and trading credits.

On May 2015, itbit made an announcement that it has secured a banking charter from the New York State Department of Financial Services [NYDFS] and has raised $25 million in series A funding.

The chief executive officer of itBit, Chad Cascarilla stated, “Mainstream adoption is not going to happen if you circumvent the financial system, you’re going to have to be a participant in it. That doesn’t mean bitcoin isn’t disruptive. Having a BitLisence will not allow you to operate an exchange in the state of New York.

The NYDFS, its view of the law is that you need to operate as a qualified custodian and they make that clear in their directives, a BitLisence doesn’t make you a qualified custodian.”

The company suggested that it will reveal further details on the Bankchain project later on. For now, they are not ready to reveal anything on this matter.