Cryptoprowl.com / Bitcoin focused (CRYPTO:$BTC) financial services firm Strike has secured a BitLicense and money transmitter license from the New York State Department of Financial Services.
The license allows Strike to operate in the state and provide cryptocurrency financial services to people who use its app and payments platform.
Privately held Strike’s entry into the New York market is part of its ongoing expansion plans.
The company has said previously that it plans to adopt Bitcoin-backed lending that allows users to borrow fiat currency while continuing to hold BTC.
Strike is entering a sector littered with high-profile failures. Previous lenders such as BlockFi, Celsius and Genesis have each filed for bankruptcy during the current crypto downturn.
Still, the BitLicense allows Strike to offer its products to individuals and businesses across New York State, including in New York City, the world’s financial centre.
Moving forward, the company can provide services that include buying and selling Bitcoin, salary deposits converted into Bitcoin, and bill payments made using BTC.
Strike can also offer tools such as recurring purchases and price-triggered orders that execute Bitcoin trades.
Users of Strike’s app and platform can convert up to 100% of their direct-deposited wages into Bitcoin.
The new license places Strike under the New York State Department of Financial Services’ supervision, which includes audits, capital reserve rules, and cybersecurity examinations.
Strike is privately held and its stock does not trade on a public exchange.
