In what appears to be a growing acceptance of cryptocurrency-related businesses, the New York State Department of Financial Services has granted a virtual currency license to bitcoin ATM operator Coinsource.
Coinsource is the 12th crypto company in New York to receive a license. The company already had a provisional license to operate in New York; the official license does not allow Coinsource to do anything it wasn’t already doing. But it does give it additional credibility and it could be, the company asserts, a step toward mainstream adoption of cryptocurrency.
Coinsource operates 40 ATMs in New York State and more than 200 machines in 19 states.
Consumers can insert cash and buy bitcoin with cash and store it on their mobile wallet. They can sell bitcoin for cash by scanning their mobile wallet at the kiosk.
“From the onset, our goal was to provide millions of Americans with a reliable and convenient way to buy digital currency,” Sheffield Clark, the CEO of Coinsource, said in a statement. “Bitcoin is no longer a fringe currency, and in 2018, is increasingly being adopted by the mainstream. Today, with the issuance of the virtual currency trading license to a BTM operator, the Bitcoin industry takes another step toward public adoption.”
Other companies that have been granted a virtual currency license by the NYDFS include BitFlyer, BitPay, Coinbase, Circle, Genesis Global Trading, XRP II, Square, and Xapo. The regulator has given limited purpose trust company charters to Gemini Trust Company, Paxos (formerly itBit), and Coinbase Custody Trust Co.
