BitPay, a blockchain payments provider headquartered in Atlanta, Georgia, USA, has received its Virtual Currency License from the New York Department of Financial Services, which enables the company to transact business with companies and consumers based in New York.
Other cryptocurrency businesses have filed with the Department of Financial Services in the State of New York and a shorter list of them has been granted a virtual currency License. BitPay was the eighth company to receive one, 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).
The agency governs rules for virtual currency business activity in the state of NY and it has conducted a comprehensive review of BitPay’s application, including the company’s anti-money laundering, know your customer, anti-fraud, capitalization, and cybersecurity policies, according to the license announcement.
Stephen Pair, Chief Executive Officer of BitPay, commented:
“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 our company.”
New York, the fourth most populous state had a gross state product of $1.5 trillion in 2015, ranking it third in the United States and representing a huge opportunity to BitPay. The payments provider will target businesses and residents based in the state of NY. Businesses 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.
BitPay has hundreds of thousands of businesses registered as customers who have signed up with the payments provider to accept bitcoin payments. Popular brands like Microsoft, Newegg, Namecheap, Gyft, Takeaway, and Virgin Galactic are a few of BitPay’s institutional customers, who signed up to accept Bitcoin and Bitcoin Cash transactions from any computer or mobile device.
The service eliminates traditional credit card fraud and identity theft risks associated with credit cards. Another benefit for customers is that settlement is direct to the company’s bank account in dollars.
