Tagomi Trading has successfully acquired a BitLicense from the New York State Department of Financial Services (NYSDFS). It becomes one of 18 firms licensed to carry out technology-based money transmittance in New York state, alongside Robinhood, Cottonwood, and BitPay. The BitLicense has caused its fair share of controversy in the crypto community, but it continues to be an industry leading standard that blockchain and crypto companies aspire to have under their belts.
A Powerful Trading Platform
For those of you who haven’t heard of Tagomi, you’re going to want to check them out. Tagomi is working on building a powerful and fully customizable trading platform, packed with detailed insights, advanced tooling, and liquidity aggregation to give digital asset traders the platform they have been longing for. Tagomi promises to be a cut above the rest, and from what we have seen so far, we are expecting the final product to blow us away. For now, it’s in private beta and you require an invite to access the platform, but it’s well worth the wait.
Next Destination, New York
New York is one of the toughest crypto scenes to break into, largely thanks to its BitLicense requirements. However, those that manage to obtain the license are rewarded with one of the most exciting markets in the crypto space. Earlier this year, Cottonwood was granted a BitLicense to operate just over 50 crypto ATMs in the state, ranging from Medford in the east to Newark in the west. Tagomi joins the exclusive BitLicense club, and its trading platform will certainly please top crypto traders – especially those dabbling in crypto from Wall Street.
IDEX Blocking New York IPs
Sadly, without a BitLicense many companies are left to roam the other 49 states of America. In order not to receive a hefty fine, IDEX has started to block IP addresses coming from New York. That’s not to say that a New Yorker could log into a VPN and pretend to be from elsewhere in order to access other crypto sites, but they could quickly find their account is closed down with assets frozen. Using VPNs in the crypto world is a risky business, as one false move and your funds are gone.
Tagomi has the perfect foundations laid to launch its digital asset trading platform, and we are looking forward to seeing great things come from the team. With a BitLicense in hand, when the platform goes to a public launch, we will definitely see many New Yorkers flock to it as they yearn for a taste of a new exchange.