BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   311

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.

BitPay adds Bitcoin Cash support for Checkout PoS app

Bitpay adds support for Bitcoin Cash payments, and new features for BCH settlement coming soon
23 April 2018   485

Back in December 2017 Bitpay has announced that they will be adding another payment options aside from Bitcoin. And now they finally adopt Bitcoin Cash for their Bitpay PoS app.

Bitcoin Cash is steadily growing in popularity among users and businesses. And now Bitpay adds support for BCH in their “Checkout point-of-sale (POS)” mobile application to adapt to such a change in the crypto market.

This development allows users to make payments with Bitcoin Cash. Users will be able to generate new payment codes using just a smartphone. The companies who use Bitpay Checkout PoS were formerly constrained to Bitcoin only, but now the larger market share BCH will compete with the main blockchain for the superiority in real-world market.

In addition to the app update, Bitpay announced other features fro Bitcoin Cash support. The company plans to add ability to pay straight with BCH, without first converting it to a dollar value. This will allow users to settle the bills without any exchange commission and to keep their funds in BCH, and for businesses to accept payments in BCH and store the coin without converting into BTC or USD, like they have to do now.