Coinsource, the bitcoin ATM operator, made headlines last week for snagging the holy grail of bitcoin licenses, the so-called BitLicense from the New York State Department of Financial Services.
The firm, which operates 200 so-called BTMs across the U.S., announced it received the nod on Thursday, joining 11 other cryptocurrency firms. The firm applied for a BitLicense three years ago and has been operating in New York under a temporary license. With approval under its belt, the firm is now eyeing an opportunity in a $33 billion market, according to Arnold Spencer, general counsel at the firm. The Block caught up with Spencer to dissect the importance of Thursday’s news.