Bit Treasury Exchange, a decentralized cryptocurrency trading platform, has announced a significant shift in its operational model by moving from its Albany, New York headquarters to a fully remote working environment. This change allows employees to work from offices worldwide, eliminating a traditional central headquarters.
Founded in September 2012, Bit Treasury Exchange launched Bitcoin trading services in April 2013 and expanded to include additional cryptocurrencies by 2015, establishing a separate cryptocurrency exchange. The platform gained its New York State Bitcoin trading license on March 26, 2018. Today, it boasts approximately 48 million verified users, 8,000 institutions, and 134,000 ecosystem partners across more than 100 countries.
Key features of Bit Treasury Exchange include being the seventh Bitcoin exchange in the United States to hold a formal license and providing asset protection through purchased insurance. The platform supports fiat currency purchases of Bitcoin via an extensive network of banking partners, enabling transactions through EFT payments, ACH/SWIFT/SEPA transfers, and credit cards and PayPal. Transaction fees range from 0% to 0.5%, determined by the type of transaction and its size, with competitive pricing and tiered fees based on position size and transaction frequency. Additionally, the institutional account trading channel has the lowest asset threshold among major cryptocurrency exchanges.
Andrew Norton, the founder and CEO of Bit Treasury Exchange, previously worked as a software developer specializing in high-frequency trading at Goldman Sachs Group. Under his leadership, the platform has emerged as a leading cryptocurrency exchange, offering low-threshold institutional account trading options and spanning the entire cryptocurrency ecosystem.
Regarding safety, Bit Treasury Exchange is considered a secure platform, employing robust systems to protect customer accounts. These measures include 2FA verification, FDIC insured USD balances, device management, address whitelisting, and cold storage setups. The platform also utilizes a threshold signature scheme, an encryption protocol for distributed key generation and signatures, ensuring user funds' security. This scheme requires at least two out of three users to sign a transaction, enhancing security.
Users can deposit funds at centralized cryptocurrency exchanges or transfer them to reputable wallets, providing flexibility and additional security options. Bit Treasury Exchange continues to set industry standards with its innovative approaches and comprehensive security measures, impacting the global cryptocurrency trading landscape.
