One of the most visited states in the United States will now be able to purchase bitcoin for traditional ATMs using a debit card. Thanks to a newly granted license from the New York regulator, LibertyX became the first licensee which offers debit card bitcoin purchasing options to New York State residents.
“We have been working tirelessly to make it easier to buy cryptocurrencies for the last five years and now are bringing simplicity, convenience and trust to the cryptocurrency purchasing experience through the timeless ATM,” Co-Founder and LibertyX CEO Chris Yim said.
LibertyX launched the first bitcoin ATM in 2014, and since then has provided thousands of local stores with bitcoin payment options. In 2018, the startup partnered with Genmega to debut the first debit bitcoin ATM in the US, further expanding purchases to more than 100,000 ATMs across the country.
“DFS continues to rapidly and responsibly respond to financial services market innovations by licensing technology-based money transmitters under New York’s money transmitter law; online lenders under New York’s banking law; and virtual currency exchanges under New York’s financial services law,” as the announcement states. “To date, DFS has approved sixteen charters or licenses for companies in the virtual currency marketplace.”
In order to use a debit card, users will need a LibertyX account through its mobile app. Those that are approved account holders are allowed to purchase up to $3,000 worth of bitcoin per day.