LibertyX and Robinhood Crypto have been granted BitLicense by the Financial Services Department of New York. The approval means that the number of companies that the financial regulator has granted a license in the state is 16. After getting the license, it now means that Robinhood Crypto has the capability of storing, buying, as well as selling up to seven cryptocurrencies. On the other hand, LibertyX will soon be the first company allowing customers to use their debit cards to buy Bitcoins directly from conventional ATMs.
BitLicense for Robinhood
Robinhood indicated in a tweet that they had received a BitiLicense as well as a money transmitter license for New York. They also implied that they expect to roll out Crypto in New York in the coming months. Already Robinhood is in over 30 states across the U.S operating on a no-commission basis with customers allowed to transact without charges.
Co-founder and CEO of Robinhood, Vlad Tenev, indicated that they were delighted to have received a virtual currency license as well as a money transmitter license. He adds that it will complement their range of investment services that they intend to make available for New Yorkers on their platform.
LibertyX brings Bitcoin to ATMs
The licenses that LibertyX received will allow them to offer Bitcoin trade in New York ATMs. They will be the pioneer cryptocurrency that will be dealing with Bitcoin ATMs. Chris Yim, the LibertyX CEO, stated that the review process of obtaining a BitLicense was very extensive.
LibertyX launched their first Bitcoin ATM in 2104 and since they have grown their network stores to enable consumers to buy BTC. On their website, they indicated that they have thousands of local stores where one can walk to and instantly purchase Bitcoins. The local stores include standalone debit booths, local store cashiers and also the conventional ATMs.
The Department of financial services in New York in a statement said that the approval was a way of fostering the growth of New York’s financial technology sector by having responsible management as well as innovation advancement.