Coinbase is the first licensed bitcoin exchange.

Coinbase is based out of San Francisco and is licensed for business in 25 states. It doesn’t have the backing of the U.S. Government, but it does have insurance to cover loses. It’s been backed by several investors with one of them being the New York Stock Exchange, reports New York Post.

The opening of a licensed bitcoin exchanged seems to have helped the virtual currency. It’s value increased about 16% on Monday bringing it to roughly $296. Coinbase soon won’t be the only licensed bitcoin exchange. Another exchange call “Gemini” is currently in the works, New York Post notes.

“2015 will be the year when institutional investors began moving into Bitcoin in large numbers,” Jeff Garzik, a bitcoin developer, told PC World.

More From InvestorPlace