Cottonwood Vending Bitcoin ATM Network Operator Granted New York’s BitLicense
Another Bitcoin ATM operator has received one of the hardest licenses to get in the United States: New York’s BitLicense.
The lucky company is Cottonwood Vending LLC, which was granted the license today, January 31, from the New York Department of Financial Services (NYDFS).
The Hardest License To Get
The BitLicense is well known as one of the hardest digital licenses that a company can get and it now Cottonwood Vending joins a very select group of only other 20 crypto companies that are able to operate legally in the New York state.
Despite how hard it is to get a license, it looks easier now than it was some years ago. Only one company received the license in the years of 2015 and 2016. Two companies were granted it in 2017 and now three in the first month of 2019. 2018 also saw more than ten companies receiving licenses, which can be considered a good number.
The Other Bitcoin ATM Operators
The first company that was ever awarded with a license was Coinsource. The Bitcoin ATM operator received the license in November 2017 after three years of a very lengthy process in which the company had to prove that it was up to the task.
After that, LibertyX, which joined this month as well, was the second company to be able to penetrate in this market. It looks like Coinsource opened the way for these companies, as two of them were chosen to be awarded the license this month.
DFS Grants Virtual Currency License to Cottonwood Vending LLC, Continues to Advance Responsible Innovation in New York’s Fintech Industry
— NYDFS (@NYDFS) January 31, 2019
This is making kiosks selling Bitcoin more popular in the United States right now. However, some people still complain that the process is very hard and slow and even unnecessary for buying small amounts of Bitcoin. This lengthy registration and Know Your Customer (KYC) process is needed in order to be compliant, though.
On its Twitter profile, the company has affirmed that New York is one of the most important markets in the country and promised the clients that their services will be there soon.