The cryptocurrency lending company, BlockFi, announced through an email that it obtained a money transmission license (MTL) in the state of Washington in the United States to offer crypto accounts that accrue interest to residents of the capital American.
“As part of the preparation for the commercial launch, BlockFi completed the MSB registration with FinCen and has expanded its state licensing strategy to include money transmission licenses, in addition to existing state loan licenses,” the company said. in the ad.
In order to continue expanding the company’s services, the firm plans to use its license to prepare the platform with the necessary conditions that allow “to serve the residents of the state with an entry and exit ramp option” as stated by the CEO and founder of BlockFi, Zac Prince, to the Cointelegraph digital platform.
“For us, compliance is a differentiator and something we take pride in. It generates a degree of confidence that is required to thrive and build a true financial ecosystem for cryptocurrencies. It also gives us the additional advantage of facilitating and securing even more institutional capital in the near future, which allows us to continue building new products and providing services to clients where others cannot, like Washington, ”Prince said.
So far, the company has indicated that it continues to seek the means to offer the service in the widest possible way.