Bitcoin for New Yorkers

One of the most visited states in the U.S. has opened up the opportunity to buy Bitcoins from any traditional ATMs, by using a debit card. There has been a new license issued by the LibertyX group together with regulators in New York which has now become the first to offer a debit card in order to purchase bitcoin options to any New York State resident.

The bitcoin payment service provider LibertyX launched its bitcoin ATM back in 2014. This has opened up thousands of local stores with Bitcoin payment options, making a lot of New Yorkers happy.

According to reports, the startup partnered with Genmega back in 2018 in order to launch the first debit bitcoin ATM in the United States which has expanded the purchases of bitcoins through the use of ATMs to well over 100,000 across the country.

Users will be able to have access to these ATMs by making a mobile app account provided by LibertyX. When the accounts of account holders are approved, they will be able to purchase up to $3,000 worth of Bitcoins in daily transactions.

In the announcement, it was suggested that the New York State Department of Financial Services (the DFS) will aim to be come a leader in Fintech innovations. As was mentioned in a statement:

“DFS continues to rapidly and responsibly respond to financial services market innovations by licensing technology-based money transmitters under New York’s money transmitter law. Online lenders under New York’s banking law and virtual currency exchanges under New York financial services law. To date, DFS has approved sixteen charters or licenses for companies in the virtual currency marketplace.”

This newly issued licenses will now provide regulatory certainty for LibertyX to operate in New York. Which is now proving to be valuable to many developers and blockchain-based businesses wanting to transact in cryptocurrencies.

Such clarity has eluded bitcoin entrepreneurs and is now looking to operate in similar ventures in other countries and jurisdictions. As reported by Cryptoline News, the DFS also issued a license to the Robinhood Crypto by allowing the New York residents to buy, sell and store any amount of cryptocurrencies using the company’s mobile application.

What are your thought on the issuance of this new license for New Yorkers to buy Bitcoins at traditional ATMs? Feel free to leave a comment down below.