BitPay is a crypto payment processor, which operates on a global scale. They have been granted BitLicense by the financial regulator of the New York state. This is as per the press release that has been shared on July 16th by Cointelegraph. This is a virtual currency license that has been recently acquired from the department of financial services in New York. It will help BitPay to perform business with companies and customers who are based out of the state. Businesses that are based out of New York will be able to avail the services of BitPay that accepts Bitcoin Cash and Bitcoin as payment for purchases from users who can do so globally.
NYDFS, a short form of New York Department of Financial Services, lays down the rules that define business activities in virtual currency. They examined the level of compliance of BitPay with respect to anti-money laundering practices; know your customer, capitalization, anti-fraud, and cybersecurity policies. These were scrutinized before they were given license. The CEO of BitPay Stephen Pair stated that the policies in this state are the strictest when it comes to businesses who delve in cryptocurrency. It was important however to obtain a license and go through all the approval processes for that. He believes that the hard work that they have put in will help to open up different business opportunities in New York State for BitPay.
BitPay is one of the best Bitcoin wallet services as well as supports other cryptocurrencies as well. This platform also provides easy transfers of Bitcoin to other fiat currency kinds. The company was founded in Atlanta, Georgia in 2011. It has gained a leading position in processing payments related to Bitcoin. The client base of the company spans about 200000 businesses across 160 and more countries. This is the eighth company that has received a BitLicense from this company. As they have gone through the approval process, they join other crypto related firms like Genesis Global Trading, Circle Internet Financial, XRP II, bitFlyer USA, Coinbase, Square, and others.
There have been several business opportunities opening up for BitPay, especially after Coinbase suspended custodial solutions offered to merchants. This opened up the crypto wallet of BitPay as a replacement option. Flight aggregator service CheapAir is a crypto friendly business that had been affected when Coinbase suspended their offerings. This business recommended to their customers to use the crypto wallet BitPay instead.
BitPay has been seeing other advances in its business and functions. In March this year they have partnered with Bithumb that is known to be the largest in crypto currency exchange in South Korea. This action brings BitPay along with Bithumb so that they can be a dominant figure in the global remittance market related to crypto currency. Sonny Singh, CCO of BitPay states that businesses the licensing agreement that has come from will help businesses who deal in Bitcoin. Businesses can convert their invoices to this crypto currency, which will help them to settle accounts in a cheap manner and more quickly.