Coinsource, a Bitcoin ATM network, today announced an expansion into Upstate New York. The move comes after the recent approval of a virtual currency license by the New York State Department of Financial Services (NYSDF), allowing the company to expand into Albany, Syracuse, Buffalo, and Rochester. This deployment establishes Coinsource as the first Bitcoin Teller Machine (BTM) company operates across the major cities in New York.
Sheffield Clark, CEO of Coinsource, said, “We are immensely grateful to New York State for the approval of the virtual currency license, which has now allowed us 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.”
In October, Coinsource, who had been operating under a provisional license since 2015, officially became the first Bitcoin ATM operator, and the twelfth company overall, to be granted the New York virtual currency license. The approval of this license allowed the company to expand into previously untouched parts of the state, particularly upstate New York. This move — which also brings BTMs closer to college campuses in Syracuse, Buffalo, and Albany — further demonstrates the company’s goal to increase financial access to underbanked citizens, provide a low-risk medium through which those interested in cryptocurrencies can invest, and bring BTMs to the forefront of mainstream adoption of cryptocurrencies.
Arnold Spencer, General Counsel for Coinsource, said, “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 in key, and directly related to a project’s success. This expansion is not only a step in the right direction for mainstream adoption, but should also be seen as a case study for other companies to make every effort to remain compliant with current regulations. We are forever grateful to the State of New York for providing us with the opportunity to expand — a clear signal of the state’s forward-thinking mindset.”
The company has also expanded into North Carolina, Virginia, Maryland, and Delaware, continuing to build upon 200+ BTMs in 23 states, including the District of Columbia.
Clark concluded, “We are dedicated to operating within all 50 states, and fully expect our expansions to continue as the technology matures and the general public begins to understand and utilize cryptocurrency to a greater degree. We are excited to be one of the pioneering companies providing individuals with access to the future of finance.”