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Blockfi Obtained License to Be First Interest-Bearing Crypto Accounts Provider in Washington State

By Jenny Aurora | December 14, 2019

The digital assets management firm Blockfi has revealed via an email that it has secured required registration to operate as a money transmitter in Washington state, USA

Specifically, the newly obtained money transmission license (MTL) will make Blockfi become the first ever crypto firm legally authorized to provide interest-bearing crypto accounts to Washington state-based customers, who will also have the company’s trading service at their disposal. 

Blockfi has also previously introduced its new trading platform, and revealed that it was putting in extra efforts to secure licenses that will allow for great expansion of the service. 

“As part of the preparation for the trading launch, BlockFi completed MSB registration with FinCen and has expanded their state licensing strategy to include money transmission licenses in addition to its existing state lending licenses.”

Prior to the announcement, BlockFi was only granted permission, via its consumer lending license, to offer crypto-backed loan products to state-based customers. Zac Prince – founder and current head of Blockfi – shared that the new license is the next step to get the platform ready for “servicing residents in the state with a fiat on/off ramp option.” 

“For us, compliance is a differentiator, and something we pride ourselves on. It generates a degree of trust that’s required to thrive and build a true financial ecosystem for cryptocurrencies. It also provides us with the added advantage to further facilitate and secure institutional capital in the near future, enabling us to continue building new products and servicing clients where others can’t — like Washington” Prince further mentioned Blockfi’s concentration on compliance.

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