BitPay, a blockchain payments provider, has received its virtual currency license from New York Department of Financial Services.
The virtual currency License enables BitPay to transact business with companies and consumers based in New York. Businesses based in New York can leverage BitPay to accept Bitcoin and Bitcoin Cash for purchases from users globally, and residents with Bitcoin and Bitcoin Cash are able to make purchases.
It was granted after the Department of Financial Services conducted a comprehensive review of BitPay’s application, including the company’s anti-money laundering, know your customer, anti-fraud, capitalisation, and cybersecurity policies.
BitPay is the eighth company to receive a virtual currency License from the Department of Financial Services in the State of New York joining the ranks of Square, Xapo, Inc., Genesis Global Trading Inc., bitFlyer USA, Coinbase Inc., XRP II and Circle Internet Financial, and charters to Gemini Trust Company and Paxos (formerly itBit Trust Company).
“New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay,” said Stephen Pair, CEO of BitPay. “We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”
Founded in 2011, BitPay enables Hundreds of thousands of businesses around the world accept bitcoin payments, including brands like Microsoft, Newegg, Namecheap, Gyft, Takeaway, and Virgin Galactic.
Companies who accept Bitcoin and Bitcoin Cash with BitPay can enable transactions from any computer or mobile device. As a push transaction, the user sends the exact amount of Bitcoin or Bitcoin Cash needed to pay the bill, which eliminates traditional credit card fraud and identity theft risks associated with credit cards.
The company has offices in North America, Europe, and South America and has raised over $70m from leading investors including Founders Fund, Index Ventures and Aquiline Technology Growth.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
