Bitcoin ATM Provider Coinsource Secures BitLicense Approval In New York
You have not heard of Coinsource before, but the company has certainly got our attention lately. We reported last week that the company was able to get a BitLicense, the Holy Grail of all licenses, which is how the license from the New York State Department of Financial Services is called.
This license is very hard to acquire, so only the companies which are best prepared are able to do it.
The company operates a total of 200 BTMs (basically, Bitcoin ATMs), and has stated that it will be joining 11 other companies in having a BitLicense. Now, the company is focused on the $33 billion market that New York provides.
The Block Crypto has interviewed Arnold Spencer, the general counsel of the firm, and he has explained the importance of the license for the company. In first place, he believes that the license will be very important for compliance reasons as the company will have a far lesser regulatory risk.
Coinsource’s new license opens many doors for a new relationship with banks and other business partners in the state. According to Spencer, they were not sure whether they would receive the license, so they never knew the future before now. With the BitLicense in hands, now the company can move forward. This way, he believes, they can know their future next year.
With the new level of credibility, Spencer is now focused on getting licenses to act in all the 50 American states. The company is the only BTM company with the license and it is already approved in 18 states, so the move will be very important for its development and the company will start to eye the lucrative remittance business with the blessing of the regulators.
With a wide reacher and cheaper remittal services, the company is confident about the future. Coinsource is already looking for new ways of people buying Bitcoin from their BTMs and sending to their wallets in other countries.
Companies like MoneyGram and Western Union, the World Bank shows, are very lucrative in doing this and Spencer is certainly focused in exploring this asset better to make it possible for people to do it easily.
While all the details about the future of the business are still not clear, Spencer has great plans for the company and commented during the interview that it would be good to use the technology to send coins electronically to a foreign retailer or a grocery store, for instance.
The company is taking steps to start its business in South America and Asia and Spencer has affirmed that Coinsource should be operating in as many as three new countries within the time frame of about 6 to 12 months.
After receiving one of the hardest licenses to get in the country, the company is very hyped about the future and the sky seems to be the limit. Follow our blog for more developments on the future of this company and many others.