Bloomberg Terminals Adds an Option to Track Bitcoin Data From itBit

Now the users of Bloomberg terminals can track bitcoin pricing data from itBit.

Photo: Museum of American Finance/Flickr

Photo: Museum of American Finance/Flickr

From now on those who are using Bloomberg terminals have an option to also track bitcoin pricing data from itBit, a Singapore-based digital currency exchanger, including USD, EUR and SGD trading pairs.

Even though, itBit is still a relatively young virtual currency exchanged being launched in Singapore in April 2012, it has expanded rapidly. itBit said that at the end of last year the exchange’s venture capital accounted to $3.2 million, raising its current funding to $5.5 million.

There are more than 320,000 subscribers in Bloomberg Professional service, and as a result such a decision will give the Asian exchange greater exposure worldwide.

Targeting professionals

ItBit describes itself as a bitcoin exchange for institutional investors, commercial businesses, and retail investors with reliable deposits and withdrawals, robust KYC and AML policies and good customer service. The new deal with the Bloomberg will likely bring even more credibility to the company, too.

The exchange has been successful for weeks. It started offering generous offers for bitcoin traders eager to change exchanges in February and by June it had slashed prices and added a few new features, including an improved API.

Moreover, the company has also involved expertise from the payments industry. In May its ranks were strengthened  by a former senior manager at PayPal, Wilgenhof Plante, and an analyst from SecondMarket, Bobby Cho.

Even though, Bloomberg introduced bitcoin prices through its professional service earlier this year, the company remains silent about the currency.

The move was seen as a main approval for digital currency, however Bloomberg made a very conservative and rather cautious approach.

Bloomberg specified that it was not approving or guaranteeing bitcoin, while mentioning that the currency could be the biggest tech innovation since the internet appearance.

Additionally, the company also added the Winklevoss’ bitcoin price ticker to its service earlier this month, and it can be found under ‘WINKBTCO’.

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