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Stellar Lumens got approval for Trading in New York

Pooja
Pooja

Stellar Lumens cryptocurrency has apparently got approval from New York state financial regulators to trade on the itBit exchange.

The good news for Stellar is not just getting listed in itBit exchange but also, the first cryptocurrency to get banking law charter granted from New York’s Department of Financial Sevices(NYDFS). Stellar also has got BitLicense granting recently.

BitLicense, an authentication system which gives companies a power to provide trading offers, or hold on to or currency for customers as well.

It is to be noted that NYDFS has given BitLicense to Xapo, a Bitcoin storage company with an underground vault in the Swiss Alps. Also, the sixth company to get such granting since the creation of certification.

With this move, the Stellar Lumens becomes the popular company to get the BitLicense agreement and seventh most valuable company in cryptocurrency industry. The obvious impact would be directly on investors which will give an impression about cryptocurrency as to not view it just a digital asset but trustworthy digital currency.

As of now institutional investing trading platform ItBit has received an official approval from NYDFS for bitcoin, with the addition of Bitcoin Cash, Ethereum, Litecoin.

When enquired ItBit exchange  about different currencies,

These were the ones we heard from our customers they wanted the most

-Cascarilla

Furthermore, he added that

We clearly want to get to the top 10, top 20 assets over time

It is interesting to note that ItBit doesn’t have any plans to enter retail investors and continue to concentrate on higher end institutional market like hedge funds, private equity firms, and other Wall Street Players.

 

stellar

Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc