Coinsource just snagged its BitLicense, and now it's looking into the lucrative remittance business

Quick Take

  • Coinsource became the 12th firm to snag a BitLicense last week, a critical stamp of regulatory approval
  • Now the firm is eyeing opportunities in a $33 billion market: sending money overseas

Coinsource, the bitcoin ATM operator, made headlines last week for snagging the holy grail of bitcoin licenses, the so-called BitLicense from the New York State Department of Financial Services.

The firm, which operates 200 so-called BTMs across the U.S., announced it received the nod on Thursday, joining 11 other cryptocurrency firms. The firm applied for a BitLicense three years ago and has been operating in New York under a temporary license. With approval under its belt, the firm is now eyeing an opportunity in a $33 billion market, according to Arnold Spencer, general counsel at the firm. The Block caught up with Spencer to dissect the importance of Thursday's news. 

Regulatory risk

FirstSpencer said the BitLicense will remove a degree of regulatory risk fo