The New York State Department of Financial Services (DFS) has recently announced that both companies have successfully received BitLicenses. The BitLicenses are specific to New York State, and any company that gains one will be able to handle cryptocurrencies within New York, so long as they remain within regulations.
With both companies have successfully gained their BitLiencese, the press release states users based in New York will be capable of purchasing and selling Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Although Robinhood’s website lists Bitcoin SV the only digital currency to scale massively on the chain, as a trading pair available for their platform, it appears that it’s not available for the list according to the New York announcement.
Robinhood Crypto. New York. Soon.— Robinhood (@RobinhoodApp) January 24, 2019
We just received our BitLicense and money transmitter license for NY. Expect us to roll out crypto there over the coming months.https://t.co/mkltwqt182 pic.twitter.com/iytfhtoNTd
Co-Founder and Co-CEO of Robinhood Vlad Tenev had this to say about the recent announcement,
“We’re delighted that Robinhood Crypto has been granted a virtual currency license and a money transmitter license in New York. This will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform. The NYDFS has been very helpful throughout this process, and we look forward to their ongoing guidance as we prepare to launch Robinhood Crypto in New York.”
LibertyX is a developer behind the BTC exchange platform, which is available at ATMs and various stores. Their BitLicense will allow New Yorkers to purchase BTC at potentially thousands of new brick and mortar location through the state.
Kyle Powers, Co-founder and Chairman of LibertyX had this to say,
“LibertyX loves New York bitcoiners. We are excited to bring them an instant way to buy Bitcoin at a nearby location.”
With New York giving out BitLicenses for interested parties who wish to dabble in cryptocurrencies, more companies will soon jump in on the action and receive their own BitLicenses once approved by the DFS. This shall allow growth they most wouldn’t have thought possible a couple of years back, but this just shows how serious the US is finally starting to take cryptocurrency. Hopefully, we’ll be seeing some other big names get their own licenses and dish out their own services to the state of New York.
What other crypto business would you like to see get a BitLicenses?
Let us know your thoughts.