Singapore’s itBit Hires In Hopes to Increase its Credibility

Singapore’s itBit Hires In Hopes to Increase its Credibility

A Singapore-based Bitcoin exchange named itBit, has just announced the hiring of two individuals in hopes to increase its credibility in the financial industry. One of the new employees is Erik Wilgenhof Plante, a senior manager at Paypal. The other, Bobby Cho, an analyst who worked for SecondMarket. itBit hopes that with these new employees, the digital currency exchange can provide better services to its customers.

itBit Hires Two New Employees

Erik Wilgenhof Plante will be taking on the role of being the chief compliance officer of itBit. Wilgenhof Plante was previously in charge of compliance at Paypal in Southeast Asia. He also has a total of 15 years worth of experience in banking and law in businesses like Clariden Leu, Commerzbank, DZ Privatbank, and ABN AMRO. Wilgenhof Plante wrote on itBit’s blog,

“I’m thrilled to join this company and to help build a Bitcoin exchange which embraces regulation and protects its customers. itBit can help build the foundation for the success of virtual currencies. ”

The second new employee, Bobby Cho, will be the New York-based director, focused on the company’s development. For six years, Cho worked for SecondMarket as a trader in financial products that are illiquid. This included products like Bitcoin. He has also been active in the Bitcoin sphere and as such will be able to provide itBit with beneficial knowledge. The CEO and co-founder of itBit, Rich Teo said,

“Bobby is a well-known figure in the bitcoin industry and we are excited to gain his talents and insights.”

Bobby Cho himself commented saying,

“Coming from a traditional Wall Street environment, I see the huge opportunity for a credible, regulated bitcoin exchange to make a significant impact on the growth of the bitcoin ecosystem.”

Back when the issue of MtGox and transaction malleability was the hot topic, some Bitcoin exchanges like Bitstamp temporarily halted withdrawals. However, itBit, decided to waive some of its services’ fees in order to attract more customers during this rough time. The Bitcoin exchange company said that it had not been affected by the transaction malleability issue.

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