Bitcoin ATM Operator to Get NY's BitLicense

This is the first time BitLicense was issued to the operator of Bitcoin ATMs
02 November 2018   369

New York State Department of Financial Services (NYDFS) has issued the 12th BitLicense. It was granted to Texas-based Coinsource. This is reported by CoinDesk.

Coinsource is a Bitcoin ATM operator and already has 40 terminals in New York, having worked until today under a pre-license.

Coinsource General Counsel Arnold Spencer noted that this is the first time BitLicense was issued to the operator of Bitcoin ATMs, adding that its receipt indicates the correctness of the company's business model and compliance with all regulatory and legal requirements.

It's been a long, involved process. The initial application was [in 2015, and] since then what we've seen is a great deal of diligence on NYDFS' part, really pushing us to both explain and in some cases improve our policies and procedures.
 

Arnold Spencer

General Counsel, Coinsource

During this time, Coinsource has gone from a company with three employees and several ATMs to more than 20 employees and over 200 cars. Accounts of the company were also subjected to a full audit .

The company notes the fast operation of its ATMs through a proprietary system for user verification.

Currently, Coinsource customers can only buy and sell bitcoins, but cannot send them to other addresses. However, having a remittance license in 18 states, the company hopes that next year it will receive similar licenses in all other states.

At that point in time, we'd be in a position to have people deposit cash into machines and transfer bitcoin into a third-party wallet, provided both customers were registered.
 

Arnold Spencer

General Counsel, Coinsource

Coinsource plans to enter the markets of Japan, South Africa and Puerto Rico, and the latter is likely to be the first, since the company also has a license there. In addition, it is planned to add support for other cryptocurrencies. 

Trust Wallet to Add BTC & Bech32 Support

At the moment, this option is available to users of iOS devices, support for Android will be added in the next 2-3 weeks
10 December 2018   91

Binance owned and ERC-20 standard tokens oriented Trust Wallet, announced the start of Bitcoin support (BTC).

As stated in the company's blog post, Trust Wallet has become compatible with the SegWit protocol, allowing to send and receive funds to Bech32 native addresses (bc1).

At the moment, this option is available to users of iOS devices, support for Android will be added in the next 2-3 weeks.

Earlier Trust Wallet announced the start of support for TRON (TRX) tokens. The wallet also supports GoChain (GO), POA Network (POA), Ethereum Classic (ETC), Wanchain (WAN) and VeChain (VET).

Recall Binance announced the purchase of Trust Wallet in July this year. The wallet is expected to become part of the upcoming release of the decentralized trading platform Binance.