NY State Grants Virtual Currency License to BitPay

BitPay , a global blockchain payments provider, has recently announced it received its Virtual Currency License from the New York Department of Financial Services which governs rules for virtual currency business activity in New York. The virtual currency License enables BitPay to transact business with companies and consumers based in New York. Businesses based in New York can leverage BitPay to accept Bitcoin and Bitcoin Cash for purchases from users globally. Further, residents with Bitcoin and Bitcoin Cash are able to make purchases.

BitPay is the eighth company to receive a virtual currency License from the Department of Financial Services in the State of New York joining the ranks of Square, Xapo, Inc., Genesis Global Trading Inc., bitFlyer USA, Coinbase Inc., XRP II and Circle Internet Financial, and charters to Gemini Trust Company and Paxos (formerly itBit Trust Company).

Businesses that have signed up with BitPay to accept bitcoin payments, include Microsoft, Newegg, Namecheap, Gyft, Takeaway, and Virgin Galactic.

Did You Know? In 2015, digital payments giant Stripe unveiled a tool for merchants around the world to accept Bitcoin. This April, Stripe pulled the plug because the usage wasn’t there.

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