Share this article
ItBit Rebrands as Paxos Amid Blockchain Pivot
Blockchain startup itBit has taken steps to reorganize its corporate assets.
By Stan Higgins
Updated Sep 11, 2021, 12:29 p.m. Published Sep 14, 2016, 1:33 p.m.
Make us preferred on Google
Blockchain startup itBit has taken steps to reorganize its corporate assets.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
yesterday, itBit officially rebranded as Paxos, migrating its blockchain projects to a new entity under which itBit will now sit as a separate division. The move confirms past indications that its leadership was seeking to rebrand to better highlight its private blockchain and distributed ledger work.
According to the company, "Paxos" will now house itBit's distributed ledger efforts, thereby separating this division from its bitcoin exchange and over-the-counter trading services.
The rebrand comes more than a year after the firm launched its New York-based exchange and announced a $25m Series A round, but according to representatives for the firm, the change won't have any immediate impact on how itBit operates.
Spokesperson Silvia Davi told CoinDesk:
"ItBit continues to operate as usual. It's now focused solely on delivering their bitcoin trading services for institutions and trading professionals."
The rebranding follows an outflow of employees from the startup, and may be connected to rumored plans to sell or shutter the exchange entirely.
Regardless of the future of the bitcoin exchange, the move suggests that the company is continuing to invest time and resources in its enterprise blockchain work.
In statements, the startup suggested that the rebrand reflects the direction the company intends to take in the months ahead. It's a strategy that has resulted in at least one confirmed project, as Paxos is already working on a gold settlement platform for Euroclear.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in itBit.
New paint image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here is why investors are snubbing Michael Saylor’s 10% dividend offer in Europe
Access and market structure issues limit adoption of Strategy’s first non U.S. perpetual preferred, Stream.
What to know:
- Stream (STRE) is Strategy’s euro-denominated perpetual preferred stock, positioned as a European counterpart to the firm’s high-yield preferred Stretch (STRC).
- Khing Oei, founder and CEO of Treasury, says adoption has been constrained by poor accessibility and opaque price discovery.
Top Stories
