LibertyX And Robinhood Get New York State Bitlicenses
Two new companies were able to get the New York Bitlicenses, the stock trading company Robinhood and LibertyX, a Bitcoin ATM provider. The announcement is very important for both companies as this is one of the hardest licenses that one could achieve in the crypto world.
At the moment, only 16 companies in the U. S. are able to hold these licenses and operate selling cryptos and similar digital assets in the state. The license was created in 2015 and it is often deemed as one of the most important but hard to get licenses in America.
The announcement was made by the New York Department of Financial Services, which granted the licenses to Robinhood Crypto and Moon Inc., both companies that work for the main Robinhood company and LibertyX. Now, they are considered able to emit money in the New York state and to deal with virtual currencies.
Maria Vullo, from the NYDFS, has affirmed that cryptos are a sector of the financial technology industry that is currently flourishing right now and that they will be helped by the regulatory regime of the state.
With the license, the citizens from New York will now be able to use the services from these two companies. Since they got the licenses, their products are probably coming up in the next few months in the state and residents will be able to use LibertyX’s Bitcoin ATMs and Robinhood services for cryptos.
The Companies Talk About The License
Vlad Tenev, the CEO of Robinhood, was very happy to receive the license from the NYDFS. According to his official statement, the license will be vital for the expansion of the company within the New York state.
According to him, now the residents of the state will have access to a whole new suite of services that were already offered to residents of other states in the U. S., but not to them, as they did not have the permission to offer the services before. He has also affirmed the news regarding Robinhood currently looking forward to launch Robinwood Crypto there and that the NUDFS has been very helpful during the whole process so far.
Initially, Robinhood was allowed to work only in a handful of states when it launched its crypto products in February 2018, at the height of the crypto craze. During the year, the company was able to develop its business and now it is coming to New York.
The CEO of LibertyX, Chris Yim, had similar opinions. He described himself as delighted to be accepted and affirmed that his company would offer the first Bitcoin debit card purchasing option in New York for its residents. People from the state will now also be able to buy Bitcoin using the ATMs of the company.