New York grants BitLicense to BitPay payment processor

Yesterday, the financial services department of New York granted a BitLicense to BitPay, which is a payment processing company with blockchain technology. BitLicense is a license for businesses related to cryptocurrency activities where you can send and receive payments in cryptocurrency from other businesses. Today BitPay is the eighth business in the state to which one of these licenses is granted.

The department made the approval of the license, this means that now businesses can give the option to use BitPay to accept crypto currencies. BitPay is a payment processor that allows users to use Bitcoin and Bitcoin Cash to make purchases or make payments for goods and services. BitPay was created in 2011 and is currently the largest blockchain technology payment provider in the world. It offers a Pre-paid Visa card associated with a Bitcoin virtual wallet or Bitcoin Cash that converts the currency into fiduciary money for a fee of 1% of the transaction and additional allows its customers to use cryptocurrency to pay for goods and services.

Stephen Pair the CEO of BitPay declared that the granting of BitLicense to the company is very important since it is the first company that is not a house of change to obtain it. Pair said: "We believe that this gives businesses, not only from New York but around the country, confidence that blockchain technology offers benefits to e-commerce businesses"

These licenses have been granted to 8 companies although they were created three years ago. Which are CoinBase, XRP and Gemini Exchange, owned by the Winklevoss brothers, Square Cash which is a mobile payment service of the founder of Twitter.