PayPal has become the first entity to be approved for a conditional virtual currency license called Bitlicense from the New York State Department of Financial Services (DFS). PayPal has collaborated with Paxos Trust Company to launch a cryptocurrency transaction service.
Paxos will be providing the necessary virtual currency trading and custodial services to PayPal customers. Initially, the company will enable trading in four DFS-approved virtual currencies – Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
DFS will keep helping financial service providers to flourish in New York. This is even more important in the COVID-19 era. The department has already issued guidelines for entities to start using new coins and obtain the necessary licenses.
Source name: Department of Financial Services, New York State