Sheila Bair

N.Y. issues charter to bitcoin firm

N.Y. issues charter to bitcoin firm

NEW YORK — New York state issued its first charter for a bitcoin exchange, providing a major dose of legitimacy for the virtual currency as it begins to move from the margins of the financial system to the mainstream. ItBit Trust Co., a New York start-up that allows investors to trade dollars for bitcoins, started operating Thursday under a banking trust charter that it says allows it to function legally in all 50 states. The company also added three high-powered figures to its board and picked up $25 million in funding, further bolstering its stature and the growing acceptance of the digital currency. The charter is an important step toward reassuring everyday investors that the...