The financial regulators in New York have given Stellar Lumens (XLM) – a digital currency which was created by the founder of Ripple (a competing blockchain firm)– the green light to trade on one of the most popular digital currency exchange platforms in the US – itBit. This is the first time the authorities of the state have approved the digital currency for trading in the state.
ItBit, a digital currency exchange platform designed for institutional investors that used to offer only Bitcoin (BTC) trading, also got approval from the New York Department of Financial Services (NYDFS) on Thursday June 14, to add Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) to its trading platform.
The digital currency trading platform was also the first in the industry to receive a banking law charter from the New York’s Department of Financial Services three years ago – an authorization that is similar to, but bigger than the famed BitLicense of New York, required for firms that want to hold on to or offer digital currencies trading for customers in New York.
The New York’s Department of Financial Services also announced that it had awarded Xapo a BitLicense. Xapo is a firm that stores Bitcoin (BTC) with an underground vault in the Swiss Alps. The BitLicense given to them is just the sixth the NYDFS has granted since the License was invented three years ago.