Paradigm and Pantera-backed Tagomi Trading LLC received a coveted BitLicense that allows it to begin cryptocurrency trading in the state of New York. The approval was confirmed by a press release, published on 27 March, by the State’s Department of Financial Services [DFS].
Tagomi Trading LLC is a subsidiary of Tagomi Holdings. It is focused on building institutional-grade infrastructure for cryptocurrency investing and providing trade services across multiple stages of liquidity.
Following the grant of the BitLicense, the DFS stated that the platform can now “engage in money transmission” for “non-securities virtual currencies.” According to the license, the cryptocurrencies on offer will be Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC].
Greg Tusar, CEO of Tagomi Trading LLC, stated that this announcement marked a stepping stone to their New York expansion. He added,
“Our team of industry veterans has developed our order routing services with sophisticated clients in mind, and we look forward to expanding our presence with New Yorkers.”
The Department of Financial Services has been a prime regulator of the state’s digital assets market since 2015. It has since granted only 18 BitLicenses. Robinhood, the prominent commission-free exchange, received the license in January 2019. NYDIG Execution, under the New York Digital Investment Group, received the BitLicense in November 2018.
Reflecting the positive stance of New York regulators to the virtual currency market, Acting Superintendent of the DFS, Linda Lacewell, stated,
“DFS is committed to fostering innovation and strengthening the competitiveness of New York’s burgeoning virtual currency sector.”
Tagomi Trading’s BitLicense confirmation follows a successful round of funding. On 4 March, the trading platform announced a new round of investment, amounting to $12 million. It is backed by Paradigm, a Yale and Sequoia Capital-backed fund, and Pantera, an American digital asset firm.
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