- Users will buy and sell Bitcoin within a limit of between $5 and $5,000 daily
- The presence of Bitcoin ATMs plays promotes the universal adoption of cryptocurrencies
- The move gives the company an opportunity to expand Bitcoin’s user-base
The New York Department of Financial Services (NYFDS) has granted Coinsource, the world’s leading Bitcoin ATM operator, official approval to operate in New York. Bitcoin enthusiasts will be able to use the company’s ATM to buy and sell Bitcoin within a limit of between $5 and $5,000 daily.
Coinsource has previously been operating in New York since its inception in 2015 using a provisional license. The company was covered by the New Yorker last year and has featured in different news media regarding their new ATMs countrywide and its now heading towards 200 two-way ATMs.
The Fort Worth, Texas-based Coinsource has 40 Bitcoin kiosks already installed in New York City as well as Westchester and Nassau Counties where customers can insert cash to purchase Bitcoin which they can store in their mobile wallets besides being able to sell Bitcoin for cash through scanning their mobile wallets at the kiosks.
The company believes the presence of real-time Bitcoin ATMs plays an important role in promoting the universal adoption of cryptocurrencies in general. The company’s external spokesperson was upbeat and said regulation was worth waiting since it helps to legitimize things.
Calling the development a landmark, Coinsource believes that real-world Bitcoin ATMs are important for the adoption of Bitcoin as a whole. According to an external spokesperson, regulations are worth the wait in that they “legitimize” things. Speaking of their BitLicense being granted, she said:
“Being granted an official license is a huge step towards general adoption. […] This milestone demonstrates to both other crypto companies and the general public that if you remain compliant and play by the rules, you will be rewarded.”
Coinsource has become the first Bitcoin ATM operator and the 12th company overall to receive a BitLicense from the New York regulator. New York is the hub center if Finance in the United States and this, therefore, gives the company an opportunity to expand Bitcoin’s user-base and eventually all other cryptocurrencies. The company’s CEO Sheffield Clark said the announcement was “an important win for New Yorkers in his statement and said further:
“From the onset, our goal was to provide millions of Americans with a reliable and convenient way to buy digital currency. Bitcoin is no longer a fringe currency, and in 2018, is increasingly being adopted by the mainstream. Today, with the issuance of the virtual currency trading license to a BTM operator, the Bitcoin industry takes another step toward public adoption.”