The offbeat world of cryptocurrency investing today got a little more mainstream, with the rare addition of four of the largest cryptocurrencies to the Paxos Trust Company, licensed in many ways to work like a bank.
Starting today, the New York-based bitcoin exchange and trust, is among the very few companies approved by the New York Department of Financial Services to trade in ethereum, litecoin, and bitcoin cash. Also today the company is the first to be approved to trade lumens, the native cryptocurrency of the Stellar blockchain, increasingly popular among enterprise users.
Collectively, the newly added cryptocurrencies have a market valuation of more than $70 billion, and each of them are among the top ten most valuable in the world.
Further, the NYDFS today announced it had granted a new virtual currency license to Xapo, a cryptocurrency wallet provider and hardware storage vault.
The two announcements coming from some of the most heavily funded cryptocurrency startups is further evidence that even as the cryptocurrency market itself has lost more than half its value this year, the offerings continue to mature.
“We’re starting to gain a lot of momentum here,” said Paxos CEO Charles Cascarilla. “We just keep thinking about how we can add new product that will help our customers.”
As of today, Paxos’ cryptocurrency exchange, itBit, will start offering custody, escrow and OTC trading services for the new assets, with platform exchange trading expected to be added later this year.