Cryptocurrency exchange itBit says it has received approval from the New York State Department of Financial Services (NYDFS) to add four major cryptos to its trading and custody services.

In addition to bitcoin, itBit will now offer custody, escrow and over-the-counter (OTC) trading services for bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and stellar lumens (XLM), with platform exchange trading to follow, according to a press release.

As the very first company to be granted a charter under the New York Banking Law by the NYDFS as a licensed cryptocurrency exchange, its latest regulatory approval set new standards for what is possible for exchange platforms operating in the state.

"This is an important milestone for itBit as we create a broader platform for crypto asset investors," said Charles Cascarilla, CEO and co-founder of itBit.

In regards to the firm's relationship with the DFS, Carcarilla told CoinDesk in an email that "the DFS has been very innovative in the way they have viewed the crypto-asset ecosystem" and that he looked forward to "continued collaboration in the future."

In a rebrand back in 2016, the company shifted to the name Paxos, while the itBit brand was kept solely for its exchange business. ItBit still operates as a separate division from others that take a focus on advancing private blockchain projects such as Bankchain.

Just last month, Paxos closed a $65 million Series B funding round led by existing investors including Liberty City Ventures, RRE Ventures and Jay Jordan.

As a cryptocurrency exchange offering a variety of trading services, itBit's expanded license is envisioned to "open the doors for individuals and institutions to access crypto assets beyond just bitcoin," Andrew Chang, COO of itBit, said in the release.

Cryptocurrency image via Shutterstock