Bitcoin wallet Circle says it has become the first company to receive a BitLicense from the New York State Department of Financial Services (NYDFS).
According to a blog post from the company today, Circle will now be able to serve customers in New York under the divisive regulatory framework, applications for which closed on 8th August.
In conjunction with news, the company announced it will rebrand as currency-agnostic service as Circle Pay. The company has produced a video to explain how its service works.
Alongside other functionality, the new service will allow US customers to hold, send and request dollars from their contacts and refuel their account by bank transfer or credit card.
The blog post reads:
"You can enjoy the benefits of bitcoin without ever holding or buying bitcoin yourself, and without being exposed to bitcoin price volatility."
Users also have the ability to toggle between bitcoin and fiat for free on its updated iOS, Android and web apps. More currencies are expected in the coming months.
'Still not perfect'
Circle was one of nine well-known bitcoin companies who declared they would be applying for the license. The NYDFS confirmed in early August it had received a total of 22 applications.
A number of firms, including ShapeShift, have boycotted the framework by blocking New York customers. Circle itself had once threatened this action, but says the issues it had have largely been resolved.
"Though still not perfect, the BitLicense and its requirements became clear and irrefutable prerequisites for serving and supporting everyone in New York," it said, concluding:
"We want to help people everywhere around the globe, and that includes New Yorkers."
Circle Pay app image via Circle
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