ItBit Rebrands as Paxos Amid Blockchain Pivot

Blockchain startup itBit has taken steps to reorganize its corporate assets.
Announced yesterday, itBit officially rebranded as Paxos, migrating its blockchain projects to a new entity under which itBit will now sit as a separate division. The move confirms past indications that its leadership was seeking to rebrand to better highlight its private blockchain and distributed ledger work.
According to the company, “Paxos” will now house itBit’s distributed ledger efforts, thereby separating this division from its bitcoin exchange and over-the-counter trading services.
The rebrand comes more than a year after the firm launched its New York-based exchange and announced a $25m Series A round, but according to representatives for the firm, the change won’t have any immediate impact on how itBit operates.
Spokesperson Silvia Davi told CoinDesk:

This post was published at Coin Desk on September 14, 2016.