We’re happy to announce that itBit customers can now start trading Ethereum (ETH) through the itBit exchange, both at itbit.com and via our FIX & REST APIs. ETH is now available for trading against all other fiat currencies currently listed on the exchange: USD, EUR and SGD. This is the first time we have added a new crypto asset since itBit first went live, and we will soon be adding more.
Finally! Why now?
Until today, bitcoin was the only crypto asset available for trading. Though admittedly limited in scope, we make up for it in volume, with itBit maintaining a position in the top 3 exchanges by volume trading BTC:USD. We believe that we have sustained high volumes because our customers value our compliant, above board and transparent approach to doing business; since the beginning, we have always believed in meeting the highest levels of regulation and customer protections. This is why we pioneered the approach to becoming a Trust company as a blockchain company, and were the first to do so.
This year, two important things happened. First, we received regulatory approval from the New York State Department of Financial Services to offer trading services for more currencies beyond bitcoin (namely BCH, ETH, LTC & XLM). Secondly, we made a major upgrade to our technology and systems to make it easier to be able to add new assets easily. This was a much needed change and required a huge overhaul because when we first built itBit, there was literally only one cryptocurrency, bitcoin, and no real expectation that we would need to be able to add others in the future.
Even Better News: No Fees for Everyone
Better yet, all of our customers will pay ZERO fees for ETH trades on the itBit exchange for the entire month of December. We’re so excited ETH is finally here and we want to make it easy for you to make the smart choice of trading ETH on itBit. Whether you are a loyal customer or a brand new one, your ETH trades will have zero transaction fees.
And how do I use PAX on itBit?
Ah yes, many people have been asking why PAX isn’t listed on itBit, even though they both come from the same company, Paxos. It’s true, PAX is not listed separately because we consider it to be equivalent to the dollar; we always offer it 1:1 to USD on www.paxos.com/standard, so we don’t have separate markets listed for PAX. However, you can withdraw your cash to PAX instead of USD, so you have the flexibility of no-fee withdrawals to PAX.
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Trade ETH today with zero fees at itBit.com!
Originally published at www.paxos.com on December 7, 2018.