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Leading bitcoin ATM network Coinsource has significantly expanded into Upstate New York with its expansion into Albany, Syracuse, Buffalo, and Rochester.
The move follows the recent approval of a virtual currency license by the New York State Department of Financial Services (NYSDF). In October, Coinsource, which had been operating under a provisional license since 2015, officially became the first Bitcoin ATM operator, and the twelfth company overall, to receive BitLicense.
Sheffield Clark, CEO of Coinsource, said that the approval of the license has allowed the company to expand across the state.
“We are proud to extend our service offerings, complete with 24/7 customer support, to the people of Upstate New York. We started Coinsource because we believed in the power of Bitcoin, and its accessibility to those whose access to financial institutions has been hindered. Now that New York State regulators have given Coinsource the seal of approval, it is our hope that New Yorkers across the state will seize the opportunity to access the digital asset class of the future,” Clark said.
The move is also in line with the company’s mission to increase financial access to underbanked citizens, provide a low-risk medium through which those interested in cryptocurrencies can invest, and bring Bitcoin Teller Machines (BTMs) to the forefront of mainstream adoption of cryptocurrencies.
In addition, Coinsource has also expanded into North Carolina, Virginia, Maryland, and Delaware, continuing to build upon 200+ BTMs in 23 states, including the District of Columbia.
“The expansion of BTM’s into these additional cities, and four new states, further demonstrates the results of a regulatory compliant campaign. Coinsource made every effort to remain compliant with stringent regulations; we hope to be an example that compliance is key, and directly related to a project’s success,” Arnold Spencer, General Counsel for Coinsource, said.
