Coinsource, the Bitcoin ATM operator with more than 200 machines in the United States, has received Bitlicense, a virtual currency license from the New York DFS.
Based in Fort Worth, Texas, Coinsouce operates 40 bitcoins kiosks in New York State. The company enables customers to insert cash, buy bitcoin and store it on their mobile wallet. Customers can also sell bitcoin for cash by scanning their mobile wallet on the kiosk. The ATMs support transactions from a minimum of $5 to a maximum of $5,000 per day.
Confidence in the future of cryptocurrencies
The cryptocurrency ATM operator applied for the state’s approval three years ago, and in the meantime has been operating under a provisional license.
“Coinsource is the first and only company that operates Bitcoin Teller Machines (BTM) to receive a New York virtual currency license. All New Yorkers – from the people that are unbanked to the people who own the banks – can use our kiosks in their neighborhood retail locations to buy bitcoin instantly in a convenient and familiar way. Now that Coinsource is a license holder, our customers can buy and sell with confidence that Coinsource meets and exceeds the high standards set by the New Yoek Department of Financial Services. New York represents not just a center of global innovation but also one of our largest target markets. We are extremely proud to be the only bitcoin ATM operator holding a New York virtual currency license,” said Sheffield Clark, CEO of Coinsource.
Mr. Clark added that the grant of the license reflects bold confidence of the New York Department of Financial Services in the future of cryptocurrencies.
About Coinsource services
Founded in 2015, Coinsource deploys ATMs to key centers across the U.S., with over 200 machines in 19 states. They offer a high-end compliance and consumer protection program, combined with 24/7 support.
Many customers prefer using bitcoin ATMs rather than online exchanges, which have been criticized for demanding high technical knowledge, high fees, and limited support.