The NYDFS has Granted Cottonwood Vending, a Bitlicense

The NYDFS has Granted Cottonwood Vending, a Bitlicense

Based on a recent report, Cottonwood Vending, a cryptocurrency ATM operator based in the United States has been given regulatory approval to carry out its business in the state of New York. This makes it the second time the New York State Department of Financial Services (NYDFS) has granted a Bitlicense to a cryptocurrency ATM operator.

Cottonwood Vending Licenced

According to a recent report, the NYDFS released a statement wherein it stated that it has given Cottonwood Vending a Virtual Currency Licence, thereby making it the second cryptocurrency ATM operator to be granted regulatory approval in New York, and the 21st cryptocurrency project to receive Bitlicense.

With the Bitlicense, Cottonwood will be able to operate as a legal digital currency exchange and a money transmitter. In order to maintain the licence, the exchange has to be in operation for 10 years and, show that both cyber securities and robust anti-money laundering processes are in place.

Being the largest cryptocurrency ATM network in New York with about 100 machines presently in place, Cottonwood had its income revenue at 35 million US dollars in 2018.

The first cryptocurrency ATM operator to be granted a Virtual Currency Licence is Coinbase which is largest cryptocurrency ATM operator in the world.

Interestingly, in the last couple of months, the number of cryptocurrency ATM’s has increased despite the bearish nature of the market. Just last week, Lux Vending, a cryptocurrency ATM operator which is based in Atlanta announced that at the beginning of 2019, it installed 30 machines in the Chicago area.

4.9 New Machines Per Day Worldwide

According to a recent report, the total number of ATMs operational worldwide has been estimated for the first time to be over 4,000 with an assumed growth rate of 4.9 new machines per day worldwide. This number is expected to increase as time goes on.

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