Share this article
ItBit Explores Adding Ether to Bitcoin Exchange
ItBit is evaluating whether to add support for ether, according to its CEO.
By Pete Rizzo
Updated Sep 11, 2021, 12:21 p.m. Published Jun 27, 2016, 9:01 p.m.
Make us preferred on GoogleItBit is considering whether to add support for ether, the native cryptocurrency of ethereum, to its digital currency exchange, according to its CEO.
In an interview last week, CEO Charles Cascarilla reported that itBit doesn’t currently deal in ether via its exchange or over-the-counter trading offerings. However, he suggested this could change following moves from competitors Coinbase and Gemini, both of which recently added support for ether.
Cascarilla told CoinDesk:
"Clearly ethereum is trying to create more functionality and there are benefits and risks to doing that. [But] we’ve been looking at it."
Cascarilla cited the recent demise of the ethereum-based fund The DAO as a potential risk factor, though he said he doesn’t think it "diminishes" the value of ether or ethereum itself.
The comments come as sources suggest itBit is increasingly focusing on blockchain post-trade solutions, and that more resources are being devoted away from its exchange operations.
According to data from Bitcoin Charts, itBit is currently fifth among USD bitcoin exchanges, reporting average 24-hour trade volumes of about 11,000 BTC, or just over $7m.
More For You
Bitcoin's rally faces key hurdle with Wednesday's Fed meeting
Hot PPI inflation data in the morning and hawkish remarks by Powell in the afternoon would be the most damaging combination for risk assets, including crypto, Bitfinex analysts said.
What to know:
- Bitcoin pulled back to around $74,000 Tuesday, failing to hold an overnight gain to the $76,000 area.
- While no one expects the Fed to move rates at its Wednesday meeting, the bank's and Chairman Jerome Powell's tone regarding the inflation outlook could prove a catalyst.
- A hawkish tone alongside hot PPI inflation data could weigh on equities and crypto, but Powell's signal that the Fed is treating rising oil prices as a temporary shock could extend the crypto rally, analysts said.
Top Stories
