NY State DFS grants BitLicense to New York Digital Investment Group

15 Nov, 2018
by Fifi Arisandi
NY State DFS grants BitLicense to New York Digital Investment Group

The New York Department of Financial Services (DFS) granted BitLicense to the New York Digital Investment Group LLC (NYDIG).

The NYDIG successfully obtains a license to offer services for cryptocurrencies from the New York State DFS. The license, more familiar as BitLicense authorizes NYDIG to conduct crypto-related business, which includes performing money transmission services.

According to CoinTelegraph’s report, NYDIG will offer crypto custodial services for 5 cryptocurrencies, they are Bitcoin, Bitcoin Cash, XRP, and Litecoin.

The license can be considered as a monumental milestone to NYDIG as very few companies have managed to obtain it thus far. Among them are Circle that received it last March and has been actively expanding to 46 states ever since, Genesis Global Trading that acquired it on May, Square that obtained it on June, just earlier this month, CoinSource, whose 40 Bitcoin kiosks spread all across New York.

That said, BitLicense has been heavily criticized by many parties and has also driven many businesses to leave the state of New York.

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Read more about: New York

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