Bitcoin payment processor BitPay has received its Virtual Currency License from the New York Department of Financial Services (DFS).

Founded in 2011, BitPay offers a suite of products – enables businesses to send and receive cross-border payments; enables consumers to manage digital assets with the BitPay Wallet and turn digital assets into dollars with the BitPay Prepaid Visa Card. It has raised over $70 million from leading investors including Founders Fund, Index Ventures, and Aquiline Technology Growth.

With the virtual currency License, BitPay is authorized to offer clearing and settlement services to merchants willing to accept payment in bitcoin or issue payments in bitcoin. New York-based businesses can now leverage BitPay to accept Bitcoin and Bitcoin Cash for purchases from users globally, and residents with Bitcoin and Bitcoin Cash would be able to make purchases.

The DFS has granted the license following a comprehensive review of the company’s application, including its anti-money laundering, know your customer, anti-fraud, capitalization, and cybersecurity policies.

“New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay,” said Stephen Pair, CEO of BitPay. “We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”

BitPay is the eighth company and the first payment processor to receive a virtual currency License from the NYDFS joining the ranks of Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, XRP II and Circle Internet Financial, and charters to Gemini Trust Company and Paxos (formerly itBit Trust Company).