The world's largest supplier of Bitcoin ATMs, Coinsource, has become another cryptocurrency company licensed by the New York State Department of Financial Services (NYDFS).
According to Coinsource representative, Arnold Spencer, the company is responsible for the increase in number of Bitcoin ATMs in the United States, having installed more than 40 devices there during its work under a temporary license obtained prior to full approval by the regulator.
NYDFS manager, Maria Vullo, confirmed this message, stating that obtaining a license is “a further step in implementing strong regulatory measures and effective risk management mechanisms, while encouraging responsible growth in financial innovation.”
Spencer said that verification by the regulator is “a long and involved process”, and also spoke about the growth of the company, which over three years expanded the staff consisting of three employees to 20 people and 200 Bitcoin ATMs.
“Compared to traditional cryptocurrency exchanges, Bitcoin ATMs are convenient because they offer direct peer-to-peer transactions,” Spencer explained. “We open and check our accounts in real-time mode.”
The speed of service of the company’s Bitcoin ATMs is based on the Coinsource’s patented system. Some devices need proof of identification, such as a bank account, but Coinsource requires only a driver's license, photo and mobile phone number.
Coinsource clients can not only buy or sell bitcoins through Bitcoin ATMs, but also send money to other wallets. Spencer explained that this requires a “money transfer license in both jurisdictions where you start and end a transaction.”
Today, the company has licenses to transfer funds in 18 states, and it expects approval in another 15. According to Spencer, next year Coinsource will have licenses to work in all 50 states.
In addition, Coinsource plans to work in Japan, South Africa and Puerto Rico – the company's representatives have already discussed doing business with regulators in these countries.
The company plans to add other cryptocurrencies to all Bitcoin ATMs, but “this, of course, depends on regulatory approval.”
Now, let's move to the technical analysis of Bitcoin (BTC):
Over the past day, Bitcoin grew a little, having reached a resistance level of $6,330. Now, the correction starts. In the context of technical analysis, bitcoin rebounded to the resistance level of $6,330, and it is logical to expect its further downward movement. The nearest support levels are $6,240, $6,175. The nearest resistance levels are $6,330, $6,380.
Technical analysis of Ethereum (ETH):
Over the past day, ethereum grew, having broken through the resistance level of $192, but it did not fix above this level. We can conclude that ethereum will continue its global downtrend. The volatility of ethereum decreased, but, it seems to us, not for long. But the situation can change. The weekend is ahead. The nearest resistance levels are $193, $195. The nearest support levels are $188, $185. Technical analysis of Ripple (XRP):
Ripple also rose to $0.43, breaking through the resistance level of $0.42. It managed to fix above the mirror level, thereby increasing the chances to rise even higher. Ripple, unlike bitcoin and ethereum, looks more convincing. We are waiting for the development of the situation. The nearest resistance level is $0.44. The nearest support levels are $0.42, $0.41.
