NYDFS Authorizes Paxos Trust Company to Add Ethereum, Litecoin, Bitcoin Cash, and Stellar Lumen

Despite a recent market downturn, cryptocurrencies continue to make regulatory progress.

Starting June 14, Paxos Trust Company will make Ethereum, Litecoin, Bitcoin Cash, and Stellar Lumens available for OTC trading on their itBit digital asset exchange.

Early Bird Authorization by NYDFS. Joining a short list of exchanges authorized to trade cryptocurrency, Paxos Trust Company was approved by the New York Department of Financial Services to add four of the largest cryptocurrencies by market cap to their OTC trading platform.

Paxos Trust Company, Winklevoss-founded Gemini Trust Company, and Coinbase Inc. are three of eight total cryptocurrency exchanges approved and licensed by the NYDFS for charters to trade virtual currency.

With their newest grant for approval, the NYDFS has poised themselves as an industry-forward regulatory body that may be looking to embrace rather than denounce innovation in FinTech and cryptocurrency.

"Today's actions represent New York's continued commitment to creating a thriving, global fintech marketplace. Through strong and thoughtful regulatory oversight by DFS, consumers and the virtual currency market alike will continue to benefit."

Founded in 2012, itBit Exchange was one of the first companies to take the route of legitimacy and seek regulatory approval before launching their trading services to the public.

Starting today, itBit exchange will expand their digital asset offering and launch escrow, custody, and OTC trading services for Ethereum, Litecoin, Bitcoin Cash, and Stellar Lumens - four cryptocurrencies with a collective market cap of over $70 billion.

"We're starting to gain a lot of momentum here We just keep thinking about how we can add new products that will help our customers."

Later this year, itBit exchange also plans to offer platform exchange and cryptocurrency futures trading for its currently offered digital assets - Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Stellar Lumen.