Crypto-startup Paxos wins NY approval to trade ether, litecoin

June 14 (Reuters) - Crypto currency startup Paxos Trust on Thursday has been authorised by the state of New York to trade cryptocurrencies such as ether, litecoin, stellar lumens and bitcoin cash on its exchange.

The state’s Department of Financial Services also granted Xapo Inc a virtual currency license to offer digital wallet and a vault service to store bitcoins.

Paxos, a blockchain and cryptocurrency startup, was founded in 2012 as bitcoin exchange itBit. It later rebranded to Paxos and pivoted into a business focused on providing services using blockchain, the technology underpinning virtual currency.

Most recently Paxos has sought to revive the cryptocurrency side of its business, in a bid to take advantage of an explosion in crypto-trading sparked by a rally in prices.

New York, last month, also authorised internet entrepreneurs Cameron and Tyler Winklevoss-founded firm, Gemini Trust, to offer trading of privacy-focused cryptocurrency Zcash. (Reporting By Aparajita Saxena in Bengaluru)