Richmond Teo Announces New Bitcoin Exchange ‘ItBit’

Richmond Teo Announces New Bitcoin Exchange ‘ItBit’
Richmond Teo Announces New Bitcoin Exchange ‘ItBit’

Richmond Teo Announces New Bitcoin Exchange ‘ItBit’

CEO and co-founder of ItBit, Richmond Teo, announced that his company is bringing up a global platform for the trading of Bitcoin with U.S. dollars, Singapore dollars and euros. It is called ‘ItBit’ and aims to reach out globally to provide a platform for institutional investors so that they can use Bitcoin in new ways and to take Bitcoin to the next level.

Unique Features in ItBit

Although there are several Bitcoin exchange that are running their operations from various parts of the world, ItBit claims that it has some features that are unavailable in the existing exchanges. For instance, it brings higher reliability. According to the company it can handle trading volume at many orders of magnitude higher than the combined total volume of Bitcoin traded globally today and for the foreseeable future.

Additionally, ItBit claims that it has extensive capacity wherein the trading and matching engine can successfully cross millions of trades per second and at the same time deliver peak performance. Nonetheless, the company employs NASDAQ exchange technology and provides round the clock customer care for its global clientele.

Foolproof Security and Utmost Privacy

Reportedly, ItBit aims to bring utmost privacy and tight security for customers wherein multi-factor authentication and multiple layers of DDoS attack mitigation have been provided by Akamai Technologies. Additionally, it has cold storage techniques and defense-in-depth security features that ensure that customers’ money is safe and secure.


Legal Compliant

As the company does not want to get nitpicked, it is taking a proactive approach to ensure its operations are always under legal provisions and comply with the regulatory bodies. It will respect the laws of the land where it operates and use Thomson Reuters for screening. ItBit will do persistent monitoring of the suspicious activities to rule out any wrongdoings.

Apart from meticulous monitoring of the activities, ItBit will be ensuring that each customer and transaction is tracked and identified and for that it will be using Jumio for identity verification. Currently, its KYC/AML procedures significantly exceed current standards of identity verification.

Comprehensive Market Liquidity

ItBit will be ensuring that it has comprehensive market liquidity and will be the first Bitcoin exchange to offer advanced market making techniques. Additionally, operating on a maker-taker pricing model, the Bitcoin exchange will using the techniques that enhance liquidity in Bitcoin trading and optimize the trade price for both buyers and sellers.

To contact the reporter of this story: Deepak Tiwari at