BitPay, the largest global blockchain payments provider, today announced the company has received its Virtual Currency License from the New York Department of Financial Services which governs rules for virtual currency business activity in New York.
The virtual currency License enables BitPay to transact business with companies and consumers based in New York. Businesses based in New York can leverage BitPay to accept Bitcoin and Bitcoin Cash for purchases from users globally. Further, residents with Bitcoin and Bitcoin Cash are able to make purchases.
The Department of Financial Services conducted a comprehensive review of BitPay’s application, including the company’s anti-money laundering, know your customer, anti-fraud, capitalization, and cybersecurity policies.
“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,” said Stephen Pair, CEO of BitPay. “We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”
New York City is the most populous city in the United States and overall the fourth most populous state presents a huge opportunity to BitPay. In 2015, New York had a gross state product of $1.5 trillion ranking it third in the nation. With Manhattan as the leading center of banking and finance, it is home to offices and headquarters for the world's largest corporations.
BitPay is the eighth company to receive a virtual currency License from the Department of Financial Services in the State of New York 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).
Hundreds of thousands of businesses around the world have signed up with BitPay to accept bitcoin payments, including popular brands like Microsoft, Newegg, Namecheap, Gyft, Takeaway, and Virgin Galactic. Companies who accept Bitcoin and Bitcoin Cash with BitPay can enable transactions from any computer or mobile device. As a push transaction, the user sends the exact amount of Bitcoin or Bitcoin Cash needed to pay the bill. This eliminates traditional credit card fraud and identity theft risks associated with credit cards. Settlement is direct to the company’s bank account in dollars and three business days.
Contributed | what does this mean?