BitPay, the global blockchain payments provider, has received its Virtual Currency License from the New York Department of Financial Services.
The license itself makes it possible for BitPay to transact with companies and consumers based in New York. The businesses in New York can now use BitPay to accept Bitcoin for purchases from users all over the world. Residents with Bitcoin and Bitcoin Cash are also able to make purchases.
BitPay was founded in 2011, and it enables businesses to send and receive cross-border payments while also enabling consumers to manage their digital assets with the BitPay Wallet and turn digital assets into dollars with the BitPay Prepaid Visa Card. BitPay has offices in Europe, North- and South America.
The Department of Financial Services conducted a comprehensive review of BitPay’s application, including the company’s anti-money laundering, know your customer (KYC), anti-fraud, capitalization, and cybersecurity policies according to The Paypers.
BitPay CEO Stephen Pair says: “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. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”
BitPay is now the eighth company to receive a virtual currency License from the Department of Financial Services in New York, joining companies like Square, Genesis Global Trading, Coinbase and Circle Internet Financial.