Tagomi, the first live crypto brokerage that focuses on institutional investors, recently joined the exclusive list of companies that acquired a coveted BitLicense, Fortune reports. Now, the Peter Thiel-backed startup can operate on the biggest financial market in the world.
Welcome to New York
BitLicense is the name of a controversial business license that is issued by the New York Department of Financial Services (NYDFS). It allows cryptocurrency-oriented companies to operate in the state of New York. So far, only 18 of such licenses have been awarded to the likes of Coinbase, Gemini, and Square.
Tagomi CEO Greg Tusar claims that the approval will allow them to onboard ‘a backlog of clients’. After getting the green light from the New York regulator, Tagomi can now freely trade Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in this jurisdiction with other coins also being a possibility.
Raking in big bucks
As reported by U.Today, the crypto brokerage raised around $28 mln with Yale-backed Paradigm leading its latest funding round. Tagomi cofounder Marc Bhargava earlier said that there is a strong level of institutional interest in cryptocurrencies, which means that Tagomi is tapping into the right niche.
Bhargava also claimed that the much-talked-about JPM Coin and Facebook Coin would help propel cryptocurrency adoption.