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Cryptocurrency firm itBit hires ex-NYDFS general counsel Alter

03 September 2015  |  6050 views  |  0 Bitcoin

Bitcoin exchange operator itBit has hired former New York State Department of Financial Services (NYDFS) general counsel Danny Alter and Broadridge Financial Services executive Kim Petry.

Earlier this year itBit became the first cryptocurrency outfit to receive a trust company charter from the NYDFS, enabling it to operate as a fully regulated financial services firm throughout the US.

The startup has now tapped the NYDFS's former general counsel, Alter, who spent three years at the regulator and acted as a strategic advisor to superintendent Ben Lawsky before quitting in February.

During his tenure, Alter helped Lawsky build a reputation as a pioneer in virtual currency regulation, developing the so-called BitLicense. Lawsky has since left the NYDFS and is understood to be setting up his own legal and consulting firm.

At itBit - which describes itself as a "financial services company leveraging traditional capital markets infrastructure and blockchain technology" - Alter takes on the title of general counsel and chief compliance officer.

Joining him at the startup is chief financial officer Kim Petry, who arrives from Broadridge Financial Services, where she was CFO of global operations and technology. Before that she worked at American Express.

The pair will now help develop itBit's new Bankchain product, a clearing and settlement network that uses blockchain technology to enable financial institutions to execute post-trade.

Chad Cascarilla, CEO, itBit, says: "Between Danny’s deep expertise in financial services and virtual currency regulation and Kim’s demonstrated track record as a successful CFO of global financial organizations, I’m confident that itBit will continue to grow and develop innovative blockchain-based solutions to address the financial industry’s greatest pain points."

The new hires come months after itBit secured $25 million in funding and added three high-profile names to the board: former US senator Bill Bradley, ex-FDIC chairman Sheila Bair, and former Financial Accounting Standards Board chair Robert Herz.
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