From now on, people living in the New York can buy Bitcoin (BTC) at conventional ATMs with their debit cards. LibertyX is the first such licensee to offer Bitcoin purchases to New York residents through a newly licensed New York regulator.
BTC can now be purchased at the vending machine
The payment service provider LibertyX launched the first Bitcoin vending machine in 2014. Meanwhile, the company has supplied thousands of local businesses with payment options via Bitcoin. With the partnership with Genmega in 2018, the start-up company launched Bitcoin’s first cash dispenser in the US, expanding the purchase of Bitcoin to over 100,000 ATMs across the country.
To use a debit card, users need a LibertyX account via the mobile app. Approved account holders can buy up to $ 3,000 BTC daily. The New York State Department of Financial Services (DFS) aspires to become a leader in fintech innovation.
The New York State Department of Financial Services (DFS) wants to be a pioneer in fintech innovation
DFS continues to respond swiftly and responsibly to innovations in the financial services marketplace by licensing technology-based money transferers under the New York Money Transfers Act, online lenders under the New York Banking Law, and virtual currency exchanges under the New York Financial Services Act. DFS has approved sixteen charters or licenses for companies in the virtual currency market.
Without a license, no BTC machine may be installed
The license gives LibertyX legal certainty for the New York location, which is a luxury for many developers and blockchain based companies. This clarity has been missing from other Bitcoin entrepreneurs running similar companies in other countries and jurisdictions.
In October last year, two businessmen in India were arrested by the police after trying to set up a BTC machine. In addition, DFS has licensed Robinhood Crypto, which enables New York residents to buy, sell and store cryptocurrencies through the company’s mobile app.