The New York State Department of Financial Services reported that it issued BitLicense to Tagomi Trading LLC, a cryptocurrency brokerage startup.
The company has become the eighteenth licensed since, in 2015, the state of New York approved this system of regulation of cryptocurrency organizations. Representatives of the industry have repeatedly pointed out that BitLicense is very burdensome for small businesses with limited access to capital and legal resources. According to a press release, Tagomi was granted a traditional state remittance license as well.
The company’s CEO, Greg Tusar, told that the license would give Tagomi the opportunity to become “New York’s 1st brokerage agency in the cryptocurrency industry.” This means that the company will carry out transactions on behalf of customers in BTC, ETH, BCH and LTC, as well as carry out their orders.
Earlier, Tagomi’s cryptocurrency platform received investments of $12 million from several large organizations, including the Paradigm Fund, supported by Yale University. As Tagomi’s General Counsel Dhawal Sharma noted in his statement, the priority of the company will be the transparency.