BitPay Secures Virtual Currency License From NY State Department of Financial Services

Blockchain business is growing in New York. Global blockchain payments provider BitPay, announced it has been granted a virtual currency license from the New York State Department of Financial Services. The new license gives Atlanta-based BitPay the ability to make transactions with businesses and consumers in New York City and statewide. BitPay provides customers services to accept Bitcoin and Bitcoin cash from users across the globe.

“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,” Stephen Pair, CEO of BitPay said. “We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”

BitPay joins the growing list of companies to receive a virtual currency License from the Department of Financial Services in the State of New York. Virtual currency licenses have been granted to 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).

BitPay has been focused on innovation and growing its company since 2011. The company has raised over $70 million from leading investors including Founders Fund, Index Ventures and Aquiline Technology Growth. Bitpay also offers a prepaid Visa card so customers can manage digital assets and spend them with the card.