ItBit, the bitcoin exchange company, has released a newsletter detailing its highlights of 2015, along with the goals and aims it is looking to achieve in the year ahead. Some of the key points in itBit’s year, and the plan for 2016, are detailed below.
Back in May 2015, itBit reported its U.S. bitcoin exchange launch, which became the first bitcoin company to receive a trust company charter from the New York State Department of Financial Services. This designation allowed itBit to offer customers asset protection and financial reporting comparable to banks and brokerages.
In July, itBit became the first financial services company to provide both a bitcoin exchange and OTC trading services with the launch of its OTC Agency Trading Desk. In addition to this, monthly OTC update reports were released detailing the OTC trading data in an effort to be transparent.
Over the course of the year itBit has seen a tripling of its trader customer base. ItBit has also reported over 300% growth in average monthly bitcoin exchange trading volume and over $40 million in bitcoin OTC trading, with over 30% growth month-over-month. Two instances of its OTC trading team winning USMS auctions were also highlighted: 3,000 bitcoins in March and 10,000 bitcoins in November on behalf of a syndicate of clients.
Focussing on the upcoming year, itBit declared it would continue expanding its trading services and improving customer experience. The first development of note in 2016 has already been revealed as itBit forging a new banking relationship with global bank, Bank Leumi USA, to manage its U.S. customer funds.
ItBit has also said that its product and business teams will be focused on expanding its suite of services, as well as exploring innovative new bitcoin trading options in the retirement space and other financial sectors, with the aim of increasing bitcoin adoption worldwide. New partnerships were also hinted at but no details were given beyond the hope that they would make itBit’s services more accessible.
In closing, the report noted that itBit’s tech team is working to implement ACH deposits and real-time streaming market data, along with other features that have been requested by its customers, showing, as they did earlier this year when they increased withdrawal limits, that they respond well to customer feedback.