BlockFi acquires money transfer license in New Jersey

Cryptocurrency lending platform, BlockFi announced on twitter today that the startup received its Money Transmitter License (MTL) which now allows BlockFi to enable its users to transfer funds from their bank or crypto wallets. The tweet further said that the platform will make stablecoin trading and wires available to New Jersey residents.

So far, BlockFi has been registered with the U.S. Department of Treasury Financial Crimes Enforcement Network (“FinCEN”) as a money services business (MSB). The announcement did not mention any other U.S state to have approved BlockFi’s Money Transfer License.

Moreover, the New York-based firm had previously launched the full release of the BlockFi mobile app, which featured trading functionality and the ability to wire funds. The app which is available on Android and iOS also enables its clients to open and manage a BlockFi Interest Account (BIA), apply for crypto-backed loans, and wire funds.

According to the company’s website, BlockFi Interest Account (BIA) does not charge any fees and can help users earn up to an 8.6% annual return on popular crypto and USD-backed stablecoins which include Bitcoin, Ether, Litecoin, USDC, GUSD, and PAX.

BlockFi is supported by Gemini, the Winklevoss owned crypto financial services and regulated cryptocurrency exchange.

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