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Stellar Lumens (XLM) among four cryptos cleared by regulator to trade in New York.

Virtual currency exchanges seeking to operate in the United States must follow the regulatory framework established in a particular state in which they want to operate. Before listing, coins must be vetted by the regulators.  In New York, Stellar Lumens (XLM) is among four cryptos cleared by regulator to be traded on itBit, a cryptocurrency exchange for institutional and high-level cryptocurrency investors.

On why they sought clearance from the regulators for only the four coins, Chad Cascarilla, itBit CEO, said that “these were the ones we heard from our customers they wanted the most”

The other four cryptos cleared by regulator for listing together with Stellar Lumens (XLM) include Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) bringing the list of coins on the exchange to five including bitcoin which was the anchor coin.

According to fortune:

“ItBit, a cryptocurrency trading platform designed for institutional investors that previously only offered Bitcoin trading, also received approval from New York’s Department of Financial Services Thursday to add Bitcoin Cash, Ethereum, and Litecoin to its exchange. The virtual currency company was also the first in the industry to be granted a banking law charter from NYDFS three years ago”

Although the cryptocurrency exchange is not looking into adding more coins any time soon, Chad indicated that the next listing may involve ripple (XRP).

In the New York digital currency market, itBit is only interested in attracting high-end cryptocurrency investors like equity firms and wall street firms while Coinbase and Circle are into retail investors.

Additionally, itBit is eyeing to be a custodian in which it will have the capacity and power to hold large cryptocurrency assets for its institutional investors.

Cascarilla is optimistic that the cryptocurrency landscape is bound to change within the next six to twelve months when institutional investors finally get onboard.

Stellar is currently trading at $0.23 indicating a 4.43 percent rise according to coinmarketcap.

Do you think the clearance of the four coins by the New York financial regulator will help increase adoption for the coins?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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